New Delhi(CoinChapter.com): Polygon’s MATIC is trading in a bearish zone below $0.90. The price remains at a risk of more downsides below $0.76 and $0.75.
Earlier this month, MATIC price climbed above the $0.90 resistance zone against the US Dollar. The price made a crucial attempt to clear the $0.95 and $0.96 resistance levels.
The bulls tried on a couple of occasions, but they failed to clear the $0.95 resistance zone. The price stayed below the $0.95 level and the 50-day simple moving average (blue). As a result, there was a sharp bearish reaction from the $0.949 swing high.
There was a strong decline below the $0.90 level. Besides, matic declined below a crucial bullish trend line with support near $0.835 on the daily chart.
It opened the doors for more downsides below $0.80. The price tested the main $0.76 support zone and started a consolidation phase. A low is formed near $0.7575 and the price is now attempting a recovery wave, similar to bitcoin.
It is trading near the 23.6% Fib retracement level of the downward move from the $0.9496 swing high to $0.7575 low. An immediate resistance on the upside is near the $0.82 zone.
The first major resistance is near the $0.85 level. It is close to the 50% Fib retracement level of the downward move from the $0.9496 swing high to $0.7575 low. A close above the $0.85 resistance might start a decent increase.
In the stated case, the price may perhaps rise towards the $0.92 level. Any more gains might open the doors for a move towards the main $0.95 resistance zone.
If there is no recovery wave $0.82 or $0.85, the price might extend its decline. An immediate support is near the $0.765 level. The next major support is near $0.755. A close below $0.755 may perhaps start a strong decline. In the stated case, the price could drop towards the $0.700 support, where the bulls might take a stand.
Overall, MATIC price breakdown is signaling a bearish bias below $0.90. If there is a close below $0.75, the price may even decline below the $0.70 support zone. Conversely, there could be a fresh increase towards $0.85 and then $0.95 in the coming days.
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