MATIC Momentum Slows Down, 9 EMA Support Retest to Come?

Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap, with a total market cap of $4,891,433,855. Its market cap has increased by 2.45% following a 2.45% jump in MATIC’s price in the last 24 hours. At the moment, MATIC is ranked under UNUS SED LEO (LEO) in 17th position and above Uniswap (UNI) in 19th position.

MATIC’s price stands at $0.6122 at the time of writing. This translates to 0.00002852 BTC and 0.000497 ETH, as MATIC also weakened against ETH by 3.82%% and strengthened against BTC by 0.38%.

When looking at the longer time period, MATIC’s price has also increased by 66.14% over the last seven days.

The 24-hour trading volume of MATIC saw a volume of $742,236,712 or 1,213,300,763 MATIC being traded in the last 24 hours. This is a 39.35% drop from the number seen yesterday.

The 4-hour chart for MATIC/USDT suggests that MATIC’s price surge over the last 24 hours may be followed by a dip in price. This is mainly because the Relative Strength Index (RSI) is in overbought territory on the 4-hour chart and is sloped negatively toward the RSI SMA.

The price of MATIC is also approaching the 9 EMA line, which has been a support line during this impressive rally from MATIC that saw its price jump from $0.350 to its current level. Should this level fail to serve as support again, we could see the price fall.

This isn’t the first time that MATIC’s price is dropping to the 9 EMA level. However, this time the RSI is in deep overbought territory. This means that the 9 EMA may have a bigger challenge with this potential test.

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.