• Polygon (MATIC) recently found a local top at the $1.5 key resistance and sellers are attempting to push the price lower.
• The selling volume is increasing, and this is also reflected in the price. The daily RSI and MACD both indicate bearish sentiment for MATIC.
• A correction seems likely at this time, with the key support levels to watch being $1.3 and $1.
Polygon Price Analysis
Key Support Levels
The key support levels for Polygon (MATIC) are currently set at $1.3 and $1 respectively.
Trading Volume
The trading volume of MATIC has been increasing since its rejection of the $1.5 resistance level, indicating that sellers are taking control of the market right now.
RSI & MACD Indicators
The daily RSI is falling towards 50 points after having briefly stayed in the overbought area, while the daily MACD did a bearish cross today with its histogram making lower highs. Both indicators point towards a bearish bias for MATIC at this time.
Short-Term Prediction
A correction seems more probable than an increase in price from here on out, as bulls have been beaten back from the resistance level of $1.5 for now. It will be interesting to see how prices play out in the coming days given these indicators and current market conditions.
Conclusion
The current sentiment for MATIC is bearish, with a correction seeming more likely than an immediate surge higher in price after its rejection at $1.5 Key Resistance Level . Keep an eye on both key support levels of $1 and $1/30 to watch how prices react if they reach those levels again!