MATIC’s Price Takes a Breather From Its 21+% Weekly Gains

  • The altcoin’s price has broken through 2 major resistance levels over the last 7 days.
  • Traders will want to keep an eye on the $1.4801 level in the next 24 hours.

Polygon (MATIC), the Ethereum Layer-2 project, experienced a 24-hour price drop according to CoinMarketCap. At press time, MATIC’s price is down 1.31% and stands at $1.52 as a result. Despite the 24-hour drop in price, MATIC’s weekly price performance is still in the green with an impressive 21.23% gain over the last 7 days.

MATIC was not able to strengthen against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), over the last 24 hours, however. Currently, MATIC is down 1.94% against BTC and 1.60% against ETH.

The price of MATIC has successfully broken above the resistance levels at $1.13160 and $1.4801 over the last 7 days. At press time, MATIC’s price has retraced slightly and is resting on the freshly-flipped resistance, now support, level at $1.4801.

The daily RSI indicator suggests that there is still some bullish momentum present on MATIC’s chart given that the daily RSI line is sloped positively towards overbought territory and is positioned above the daily RSI SMA line.

The 9-day and 20-day EMA lines also support the thesis that there is bullish momentum present on MATIC’s chart as the 9-day EMA is positioned above the 20-day EMA line.

Traders may want to keep an eye on the previously-mentioned level at $1.4801. Should MATIC’s price break below this level in today’ trading session then MATIC’s price may pullback to the support level at $1.13160 through the course of this week before another leg up.

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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