MATIC’s Price Rests on a Positive Trend Line and Could Drop Soon

The price of Polygon (MATIC) continued its positive weekly streak over the past 24 hours according to CoinMarketCap. At press time, the Layer-2 crypto was trading at $0.9204 following a 3.36% gain in the last day. This positive performance added to the altcoin’s already-positive weekly performance, which stood at +6.12% as a result.

MATIC also outperformed the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours. As a result, the altcoin was up 1.92% against BTC and 1.90% against ETH. The altcoin had retraced somewhat from its daily high of $0.9514, however. Meanwhile, its 24-hour low was sitting at $0.8935.

4-hour chart for MATIC/USD (Source: TradingView)
4-hour chart for MATIC/USD (Source: TradingView)

MATIC’s price was at a decisive point at press time, as it was resting on a positive trend line on its 4-hour chart. A break below this trend line could see the altcoin’s price dropping to the next key support level at $0.89672. 

On the other hand, MATIC’s price remaining above the trend line for the next 24 hours will see it flip the closest resistance level at $0.94186 into support. Traders should note that the RSI was on the verge of flagging bearish, with the RSI line looking to cross below the RSI SMA line.

Should the RSI line cross below the RSI SMA line on the 4-hour chart within the next 24 hours, MATIC’s price will also be at risk of breaking below the aforementioned $0.89672 in the following 48 hours. At this point, the crypto’s price will not have any support to prevent it from targeting $0.84395.

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

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