Bears, Bulls Evenly Matched on Polygon Chart
2022.07.27 18:05
Bears, Bulls Evenly Matched on Polygon Chart
- The price of Polygon (MATIC) has fallen 15.64% over the past seven days.
- On the 4-hour chart for MATIC, the 20 EMA line has crossed below the 50 EMA line.
- The RSI has crossed above the RSI SMA line.
The price of Polygon (MATIC), the Ethereum-based crypto, has fallen by around 15.64% over the past seven days, according to CoinMarketCap. MATIC is one of the 20 cryptos that posted the most losses. At the time of writing, MATIC’s price is down more than 70% from its all-time high (ATH) of $2.90.
With Bitcoin’s shift downwards, it was only a matter of time before almost all altcoins would observe a similar price move. Nonetheless, Bitcoin’s price has fallen nearly 10% within the last week. So how did MATIC fair against the crypto market leader?
Between July 14 and July 18, MATIC did have some important good points. Throughout this time, MATIC’s value moved from $0.54 to $0.92, producing a good income for traders. In addition, the 4-hour chart for MATIC saw its price rise from $0.54 to $0.75.
The latest movements might not be stunning since MATIC’s price saw a slight trend reversal as it fell from $0.86 to $0.82 on July 22. Regardless of a recovery to $0.87, a fall in MATIC’s price was imminent.
4-hour chart for MATIC/USDT (Source: CoinMarketCap)
Looking at the 4-hour chart for MATIC/USDT, the 20 EMA line has crossed below the 50 EMA line, which is a significant bearish flag that investors need to take note of. However, MATIC’s price has risen after establishing a low following the cross, as MATIC’s price now looks to challenge the 20 EMA line.
Looking at a bullish scenario for MATIC, the RSI line has crossed above the RSI SMA line. Should MATIC rise above the 20 and 50 EMA lines, then the two lines may cross bullishly and MATIC’s price will rise.
If the 20 EMA holds out at resistance on the 4-hour chart, then the bullish thesis will be invalidated.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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