The fast-falling Polygon coin price may soon retest the local support of $0.76. With rising volume on the selling side, the coin price could give a high momentum breakdown from this support. Will this potential downfall tumble MATIC price to a lower level, or will we see a bullish reversal soon?

 Key Points:

• The $0.76 and $0.7 support could offer suitable support to coin buyers
• The 20-and-200 EMAs offer a bearish crossover
• The intraday trading volume in the MATIC is $550.7 Billion, indicating a 72% gain.

 

Source- –Tradingview

Amid the recent bloodbath in the crypto market, the polygon coin witnessed a V-top reversal from the $1.3 resistance. Furthermore, this downfall registered a 41.3% loss and plunged to local support of $0.76.

The coin price currently trades at the $0.783 mark, but the last three days’ rising volume indicates this downfall could extend further. Thus, with sustained selling, the Polygon coin price could soon breach the $0.76 support and bolster further downfall.

This development would tumble the MATIC price 11.5% to retest the combined support of $0.7 and 0.618 Fibonacci retracement level. Thus, this support seems strong enough to resume the prevailing uptrend.

On a contrary note, the overall volume action has reduced during the correction phase indicating this downfall is temporary. Thus, coin holders should watch for any reversal signs at $0.76 or $0.7.

Technical Indicators

MACD indicator: with a significant bearish spread, the MACD and signal lines dropped below the neutral, indicating the market sellers regained trend control.

EMAs: the long-flattish EMAs(100 and 200) accentuate a sideways market trend. Whereas the short days EMAs(20 and 50) falling downward indicates rising selling pressure.

Polygon Coin Price Intraday Levels

• Spot rate: $0.78
• Trend: Bearish
• Volatility: Low
• Resistance levels- $7.6 and $7.6
• Support levels- $7 and $0.95