• MATIC price made several attempts to nullify any future selling pressure but could not achieve that goal.
  • Sellers rejected higher prices and helped confirm a likely bearish continuation setup.
  • Buyers have a challenging but not impossible path to returning Polygon to bullish conditions.

MATIC price made a strong attempt to initiate a bullish break of some key resistance levels over the past few days. However, buyers were stopped by clear selling pressure, giving bears the signal that another leg south was likely to commence. But bears have, yet again, not followed through, creating confusion for bulls and bears.

MATIC price rejected against critical Ichimoku resistance but found support at a key Fibonacci level

MATIC price has come under renewed pressure as investors and traders become more and more risk-averse. A combination of the continued Russian invasion in Ukraine and poor but not unexpected US CPI data reinforced to market participants the importance of a flight to safety. Unfortunately, cryptocurrencies are still considered risk-on and experienced the same selling pressure as stocks.

MATIC spent most of the trading day near the $1.37 to $1.39 support zone where the 100% Fibonacci extension and the 78.6% Fibonacci retracement of the 2022 low to the high of the weekly strong bar exist. However, $1.37 represents the likely final support level before MATIC price slides further towards the $1 value area.

MATIC/USDT Daily Ichimoku Kinko Hyo Chart

If bulls want to invalidate any further near-term bearish price action, then they’ll need first to push MATIC price to a close above the Kijun-Sen, Tenkan-Sen, and the 61.8% retracement of the 2022 low to the high of the weekly strong bar – at or above the $1.61 value area. Ideally, buyers could rally MATIC above the Ichimoku Cloud, but that would require a significant rally to achieve.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price turns as US Dollar surprises with sudden strength

Ripple price turns as US Dollar surprises with sudden strength

Ripple (XRP) price is on the back foot again after what should have been the moment every trader was waiting for this year: the Christmas rally. Instead, the rally chokes as its worst enemy is back at it – the US Dollar’s strength.

More Ripple News

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin is celebrating its ninth anniversary. The first Dogecoin block was mined nine years ago, since then the meme coin has witnessed a spike in its use cases.

More Dogecoin News

Pitstop before bullish explosive move

Pitstop before bullish explosive move

Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up. 

More Bitcoin News

Cardano price points to $0.27 eventually but an uptrend move could happen first

Cardano price points to $0.27 eventually but an uptrend move could happen first

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next.

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP