- MATIC price gets firm rejection off the monthly pivot to the downside.
- Polygon price will dip further in look for support and put more cash behind the rally.
- Expect a bounce off lower levels with an upswing to top $1.75.
Polygon (MATIC) price undergoes a firm rejection near the monthly pivot at $1.643 this morning. MATIC price is tanking over 1% in the process as the fade sees bears getting involved for a short while and the earlier rejection seems to limit any further upside today. Expect the price to tank further towards $1.572 where it may bounce off either the historic pivotal level or the 55-day Simple Moving Average (SMA), creating an upswing towards $1.751, with the 200-day SMA as a cap.
MATIC price ready for rebound
MATIC price was on the cusp of going out with five consecutive gains this trading week. But instead, the price got cut short this morning after getting rejected near the monthly pivot at $1.643. With the rejection, MATIC price got pushed on the back foot, with bears coming in for a short and bulls taking profit.
Polygon price will probably tank back towards more supportive levels near $1.572 with the historic pivotal level and the 55-day SMA as a double belt of support that could provide plenty of room for bulls to bounce off and see MATIC price action rocket back up towards $1.751. That $1.751 in its turn is holding a double cap on the upside with the 200-day SMA and another historic pivotal level. With this, a solid trade would hold 10% gains.
MATIC/USD daily chart
With the fade on the monthly pivot, the risk to the downside is of MATIC price tanking if it breaks below the $1.572 level. That would open more room for bears to push bulls against the green ascending trend line and effectively turn the rally into a bull trap. If the green ascending trend line breaks, expect a complete paring back of the rally towards $1.35.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Kraken to launch US-listed stock and ETF trading services after $30 million SEC settlement
/definition-of-etf-21007500_XtraSmall.jpg)
Kraken has indicated plans to diversify, with intentions to leverage the first-mover advantage towards ETF. Meanwhile, the crypto markets continue to appeal to the US SEC for a nod amid a long pile of applications already on the financial regulator’s desk.
Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC) is most likely to approve the trading of ETH ETFs in the next seven days.
Chainlink price might face a correction before it can climb back to 2023 highs
Chainlink price has performed exceptionally over the past couple of days, making room for profits for investors. However, further gains from here on would warrant a market cooldown before the rally can continue.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC, ETH, XRP at catch 22 moment
Bitcoin (BTC) price is trying to lead the rest of the market into recovery. However, it faces a key obstacle, same case for Ethereum (ETH) and Ripple (XRP) positioning the top three cryptocurrencies in a muddle.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.