Polygon Price Prediction & Analysis (Jan 7th) – MATIC is Down But Remains Within a Buying Range
Matic failed to reclaim the key resistance level due to the latest drops. The price is down and now charging back at a six-month demand zone. This zone may collapse if the asset fails to show strength in the coming days.
The 2022 bear market has sent many altcoins to their extreme low, including Polygon – MATIC, which has recovered significantly and has traded conveniently above the $0.7 support level for the past six months.
Ever since the price plunged from $1.3 in late 2022, Matic has continued to suffer in the hands of the bears. Although there’s still hope for the bulls as long as the price remains above the support level mentioned earlier.
From a technical perspective, Matic appeared to follow Binance Coin’s pattern in the past months. But it seems to have slowed down the bearish movement a bit as buyers keep showing up. The potential crash may come unexpectedly and could collapse the price as low as $0.6 if it comes into play.
Whichever way, it has shed notable losses since yesterday following a rejection at $0.817, which now serves as the weekly high. If the price continues to roll, it may lose more chunks of its dollar value in the next few days.
A recovery above the demand zone would signal another buy, which may lead to a massive rally above the weekly high.
Matic’s Key Levels To Watch
Source: Tradingview
Matic has initiated a fresh decrease and the closest level to watch for this leg-down is $0.75, which is above the orange zone. There’s also hidden support at $0.73, right inside the zone. The important support level is located at $0.7, slightly below the marked zone. The support level to watch for a breakdown is $0.63
In case of a recovery, the resistance level to consider is the recent rejection level before breaking up to $0.87. The resistance level to watch above it is $0.95.
Key Resistance Levels: $0.817, $0.87, $0.95
Key Support Levels: $0.75, $0.70, $0.63
Spot Price: $0.79
Trend: Neutral-Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ January 7, 2023 5:15 am