MATIC price defends 200-DMA as Polygon bears keep $0.95 in sight

MATIC price is consolidating the swift recovery seen on Friday following the crash to the pivot support just above the $1 mark.

Despite the volatile trading, MATIC price remains in a familiar between $1.30-$1 seen so far this week.

At the moment, MATIC bulls are looking to extend the previous recovery momentum, snapping the two-day downswing from three-week highs of $1.273.

It’s worth adding that Polygon is in a downside consolidative mode, awaiting a strong bearish catalyst to yield a sustained move below the $1 mark.

MATIC/USD: Rejection above 100-DMA recalls sellers

From a short-term technical perspective, the downside appears more compelling for MATIC price, especially after the bulls failed to resist above the 100-Daily Moving Average (DMA) at $1.21 over the last two trading sessions.

The bear cross, represented by the downward-pointing 21-DMA having pierced the slightly bullish 50-DMA from above on Thursday, adds credence to the additional weakness in Polygon while the 14-day Relative Strength Index (RSI) trades flat-lined below the 50.00 threshold.

That said, MATIC bears need a daily candlestick closing below the critical upward-sloping 200-DMA at $1.05 to resume the correction from three-month tops of $1.875.

Sellers will then target the horizontal (dashed) trendline support at $0.95 on intensifying downward pressure.

Further south, the $0.85-$0.80 demand area could come to the rescue of MATIC bulls.

MATIC/USD: Daily chart

On the flip side, a firm break above the 100-DMA is needed to negate the near-term bearish momentum.

The bearish 21-DMA at $1.32 could keep the further upside elusive in MATIC price. The next relevant upside barrier is envisioned at the ascending 50-DMA at $1.38.