• MATIC price shows no directional bias as it hovers above the trading range’s midpoint at $1.8.
  • Investors can expect Polygon to make a 25% move in either direction and face significant barriers.
  • The RSI skews odds in favor of bulls, suggesting a retest of $2.06.

MATIC price has been sloping lower since October 29 and is fast approaching the trading range’s midpoint. A rebound from this downswing is likely to trigger Polygon to climb higher.

MATIC price at make or break point

MATIC price has crashed roughly 21% from October 29 to where it currently trades, at $1.63. This downswing has reentered the $1.05 to $1.80 trading range. The pullback that originated on October 29 pushed Polygon close to retest the midpoint at $1.42 but failed to do so.

The premature upswing has propelled MATIC price by 16% and looks ready for a minor down move before it embarks on an upswing.

The Relative Strength Index (RSI) is the main reason for this bullish bias. This indicator has produced roughly six lower highs, which can be connected using a trend line to reveal a sloping resistance barrier. This downswing in the technical indicator suggests it is ready for a breakout to the upside.

If this move were to occur, MATIC price would see a significant rise in buying pressure that propels it past the range high at $1.80 and tags the resistance barrier at $2.06. This upswing would constitute a 25% climb.

MATIC/USDT 1-day chart

MATIC/USDT 1-day chart

While things are looking good for MATIC price, a breakdown of the midpoint at $1.42 will indicate that Polygon is heading into a discount phase. A failure to make a quick comeback above $1.42 will indicate that the downswing could extend to the immediate demand zone ranging from $1.15 to $1.24.

Here, the buyers can give the upswing another go. However, a daily close below $1.15 will invalidate the bullish thesis and trigger a correction to the range low at $1.05.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis

BTC

ETH

XRP