Cryptocurrencies: 4513 / Markets: 53778 Market Cap: 24h Vol:
Cryptoknowmics
2022-01-15 09:42:49

MATIC Technical Analysis: Selling Pressure At $.245 Triggers Fear of Bearish Downfall, Is It The Time To Sell?

MATIC coin price struggles to overcome selling pressure of $2.45 despite constant support from rising EMAs. Will the bears overtake trend control? Polygon utilizes a modified variant of the Plasma framework, which is based around proof-of-stake checkpoints as a part of the Ethereum mainchain. This innovative technology lets each sidechain on Polygon process as high as 65,536 transactions per block. Polygon currently has support for only the Ethereum sidechain. The network plans to expand support for other base chains in response to suggestions from the community and consensus. This will make polygon an interoperable and decentralized layer 2 blockchain platform. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC The MATIC coin price action reflects a rise of 20% in the last five days after finding demand near the support trendline in action. However, the price struggles to rise above the resistance zone at $2.45 in the daily chart. It is evident by the recent bearish candle and a higher price rejection in the present daily candle. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price action finds support, after a 30% fall, near the high confluence support area near $2, 100-days EMA, and the support trendline. However, the push from the high-demand zone struggles to overcome the selling pressure at $2.45. Crucial EMAs (50, 100, and 200) rise higher in a bullish alignment helping ...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer