Digifinex Labs: MATIC Price Outlook Polygon Shows Short-Term Bearish Signals

Despite a notable increase, Polygon’s price faced hurdles in surpassing the $1.00 resistance. MATIC reached a peak around $0.9829 and has since experienced a gradual decline, displaying weaker performance compared to Bitcoin and Ethereum.

The descent led to a breach of crucial support levels, including $0.920 and $0.850, and further extended below $0.820 and the 100 simple moving average (4 hours). Ultimately, the price tested the $0.728 support, forming a low around this level, and is currently in a phase of consolidating losses.

As of now, MATIC is trading below $0.80 and the 100 simple moving average (4 hours). A significant bearish trend line is taking shape, with resistance approximately at $0.788 as seen on the 4-hour MATIC/USD chart.

The immediate resistance is around the $0.785 level or aligns with the mentioned trend line. This level coincides with the 23.6% Fibonacci retracement of the recent downtrend from the $0.9829 high to the $0.7285 low. The primary resistance to overcome is at $0.800. If there’s a successful breach above $0.800, it might pave the way for further upward movement in the price.

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