SniperFx

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Bonds
  • Brokers News
  • Crypto
  • Forex
  • Forex Trading
  • News
  • Stocks
  • Technology
  • World
Subscribe
SniperFx SniperFx
SniperFx
  • Latest Updates
  • Bonds
  • Brokers News
  • Crypto
  • Forex
  • Forex Trading
  • Stocks
  • World
  • Bonds

MATIC’s Price Is Currently Resting on a Key Support Level

  • April 20, 2023
  • MATIC’s price dropped more than 7% yesterday following overwhelming sell pressure.
  • The altcoin’s price had briefly broken below the key support level at $1.0773 but was able to recover.
  • Technical indicators on MATIC’s daily chart suggest that MATIC’s price will continue to drop.

The price of Polygon (MATIC) plummeted more than 7% yesterday – dropping from an opening price of $1.1718 to a low of $1.0550. Fortunately, MATIC’s price was able to recover somewhat yesterday to close the day’s trading session above the $1.0773 support level at $1.0843.

Daily chart for MATIC/USDT (Source: TradingView)

MATIC’s price had entered into a 4-day positive sequence last Thursday. During this sequence, the altcoin’s price climbed from a low of $1.0959 to a high of $1.1885 on Sunday. In the days that followed, MATIC’s price dropped sharply.

On Tuesday, the Layer-2 crypto saw its price drop to the key support level at $1.1517. Fortunately, the support level was able to hold – resulting in MATIC’s price closing at $1.1718. Yesterday, however, the support level succumbed to strong sell pressure, which caused MATIC’s price to drop below the next key support level at around $1.0773.

Fortunately, MATIC’s price was able to recover back above the support level before the end of yesterday’s trading session. MATIC’s price drop may not be over yet, however, as the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line.

Should this cross happen, it will signal that MATIC’s price has entered into a short-term bearish cycle and may continue to drop in the next 24-48 hours. Traders and investors will want to keep an eye on the previously-mentioned support level at $1.0773 as well, as a daily close below this level will validate the bearish thesis.

At press time, MATIC is trading at $1.09 according to CoinMarketCap. Its price drop over the last 24 hours has flipped the altcoin’s weekly price performance into the red. As a result, the price of MATIC is currently down 1.94% over the last 7 days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post MATIC’s Price Is Currently Resting on a Key Support Level appeared first on Coin Edition.

admin

Previous Article
  • News

Speculators sold NZD after CPI data as traders don’t see new hawkish surprises By RBNZ

  • April 20, 2023
Read More
Next Article
  • Crypto

RBX Unveils P2P Collection Features to Enable Self-Custody Marketplaces

  • April 20, 2023
Read More
You May Also Like
Read More
  • Bonds

Around 147.85, the USD/JPY records a new YTD high; worries of intervention could limit gains

  • admin
  • September 7, 2023
Read More
  • Bonds

Ghana’s sovereign dollar bonds rally before mid-year budget review

  • admin
  • August 1, 2023
Read More
  • Bonds

Pemex gets $3.8 billion from Mexico government, considers tapping bond markets again

  • admin
  • July 31, 2023
Read More
  • Bonds

Why European investors are rushing into some bond ETFs

  • admin
  • July 27, 2023
Read More
  • Bonds

Olive Oil Producer Raises €500K Through Crypto Bonds

  • admin
  • July 26, 2023
Read More
  • Bonds

City officials refinance Old Register Road TAD bonds at higher interest

  • admin
  • July 25, 2023
Read More
  • Bonds

Pension funds to invest in sovereign green bonds How will it impact NPS subscribers

  • admin
  • July 24, 2023
Read More
  • Bonds

Investors buy China bonds despite odds

  • admin
  • July 22, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • Eicher Motors shares surged following Jefferies’ bullish outlook and upgraded target price.
  • The USD/THB faces some side-line trading in the near term (UOB).
  • The euro extends its decline to fresh six-month lows near 1.0570
  • Bitcoin miners strategize for survival amid rising costs and upcoming halving
  • Awareness of non-banks as an option is on the rise.
SniperFx
  • Home
  • About Us
  • Contact
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
Forex & Crypto Updates

Input your search keywords and press Enter.