MATIC Price To Drop Below $2 ! Was This the End of the Polygon Bull Run?
The post MATIC Price To Drop Below $2 ! Was This the End of the Polygon Bull Run? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Polygon(MATIC) is back with a huge upgrade which is expected to uplift the price well above the danger area. However, with the recent dump, it is more evident that the bulls remain completely passive while the bears.
While the launch of the Polygon’s London Hark fork, specially EIP 1559, the MATIC price was expected to at least smash $3 yet now it is feared to lose the $2 levels too.
Similar to Ethereum, Polygon also is on the path to make the asset deflationary by burning of MATIC tokens on each transaction. But history foretells, any upgrade on any platform has not resulted in a huge spike of its native token.
Let it be London Hard Fork on Ethereum, Alonzo Hard Fork on Cardano, Polkadot Parachain Auctions, etc and many more, and now currently Polygon’s EIP 1559 upgrade. All the upgrades resulted in a significant dump of their respective assets on that particular day.
Currently, MATIC price despite the recent crash is still sustaining hard within the rising channel and hence keeping the hopes for a notable uptrend alive.
- The MATIC price recently got rejected from the resistance levels around $2.3 levels after hovering along these levels for more than a couple of days
- The bears being more strong nowadays, the asset failed to keep up the uptrend and now feared to lose the $2 support to hit $1.96
- Luckily the price is much above the 200-day MA but in the long-term, while in the short-term, MATIC has slid down these levels manifesting the continuation of the bearish trend until the asset regains the levels above 200-day MA yet again
- While the bears appear more powerful with the Bull-Bear power is pointing towards a ‘sell’ signal manifesting a bearish trend
- Moreover, the Average True Range(ATR) which is a volatility indicator, is pointing to the asset being less volatile. No doubt it does not specify the next price trend, yet being less volatile means the asset being less risky in short term
- The Stochastic RSI which is an improved form of RSI, is hitting the oversold region in the short-term and hence a fair chance of a short term bounce may be expected anytime from now. However, the intensity may not be so strong to flip the bearish trend.
Pivot Points for the Polygon (MATIC) Price to Stay in game is to hit the below mentioned resistance levels and prevent them from plunging below the support levels.
Resistance: $2.3 in the short term, $2.5 in the long term
Support : $2.08 in the short term $1.8 in the long term
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