Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-01-22 07:30:36

MATIC Technical Analysis: 200-Day SMA, the Last Bullish Stand to Maintain the Uptrend

The fallout of $2 increases selling pressure in the MATIC coin price. Will the 200-day SMA stand strong or succumb under bearish power? Polygon’s new features are built on the technology that has been proven to increase the capacity to meet the diverse requirements of the developer-based ecosystem. It continues to improve its core technology to ensure that it is able to scale to accommodate a wider ecosystem. Polygon boasts the ability to process up to 65,000 transactions every second in one side chain and a solid block confirmation speed of fewer than 2 seconds. Polygon also permits the creation of global decentralized financial apps using a single blockchain. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC MATIC coin price action shows a fall of almost 30% in the past week due to the increased selling pressure all over the market. The breakout of the head-and-shoulders pattern, mentioned in our previous article, is below the $2 support. The fallout results in a downfall of almost 15% within 24 hours, resulting in the formation of a bearish engulfing candlestick. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price shows a rise in bearish trend momentum and selling pressure. It is evident by the pattern breakout and a 20% jump in trading volume. Moreover, the price falls below the $1.70 mark as it heads lower to the $1.5 mark. The falling 20-day SMA breaks below the 50-day ...

#
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