In the last month, Polygon’s native cryptocurrency, MATIC, had its price resonating in a symmetrical triangular order of the time frame chart every day. In the midst of the latest sell-off going on in the cryptocurrency market, bearish traders took the front row in piecing the bottom support trend line.
How Far Can Bears Keep Up?
The question has been accurately raised if the bears can keep up with the pressure to sell, or do buys have a chance for a stronger comeback?
MATIC price chart. Source TradingView
The MATIC lost its price value from the common resistance of 50 daily moving average and $2 psychological levels on the 10th of February and that resulted in about 20% decline to the baseline support trend line – $16.
Nevertheless, buyers rallied to defend the support trend line and shot up again with a star-patterned order. The bullish circle subsequently rose to 16.5% and got to the $1.88 target.
The downward spiral 50 daily moving average shows that the bearish traders are desperately selling out. Much more, the coin price dipped under the 200 daily moving average and a crossover of bears within the 20 and 100 daily moving average encourages the ongoing sales.
The relative strength index chart slope currently wavering round about the midline indicates an indecisiveness going on among market players. But the latest slide beneath the midline verifies the sentiments held by the bears.
Another Test Phase to Check If Sellers Are Prepared For $1.3
Those buying MATIC could not rally to a higher level and return from the $1.88 mark. The escalating pressure to sell-off prevalent in the crypto market aided bears in breaching the base support trend line, and it provides a short entry window for those who can come in at this period.
The MATIC altcoin is at present testing once again the breached trend line in order to find enough supply pressure. If sellers are able to maintain the price at that level, the price of MATIC will drop to $1.5 and then $1.3.
The MACD index indicates that the Moving Average Convergence Divergence and notice line have sunk beneath the neutral region (0.00), showing that there is a lot of bearish momentum being gathered.
The crisis in Eastern Europe between Russia and Ukraine spreading fears of a full-scale war has put the global financial market on edge for several weeks as traditional safe-haven commodities are unstable in value. The market mood is generally unpredictable and fiat-pegged cryptocurrencies have been on an equal see-saw experience with them.
