Polygon Faces Decision Time As Price Sits On Key Support; Will $0.7 Hold Sell-off?

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  •  MATIC’s price lost its demand zone as the price strug­gled to hold above $0.7. 
  •  MATIC’s price con­tin­ues to look bear­ish with the market’s cur­rent state, as things look uncer­tain for most traders and investors. 
  • MATIC’s price looks weak as the price strug­gles to hold above $0.7, with the pos­si­bil­i­ty of reclaim­ing the dai­ly 50 Expo­nen­tial Mov­ing Aver­age (EMA) remain­ing bleak.

The price action dis­played by Poly­gon (MATIC) has con­tin­ued to look dis­heart­en­ing, with the FTX effect affect­ing small cryp­to projects like Gen­e­sis as the mar­ket con­tin­ues to look weak on each pass­ing day sig­ni­fy­ing the bot­tom is not yet in lead­ing to the price of many alt­coins, includ­ing Poly­gon (MATIC), bat­tling for sur­vival. The Domi­no effect of the FTX saga and oth­er huge investors has left the mar­ket at a stand­still as the mar­ket has yet to make a major move after pre­vi­ous weeks saw the price of MATIC per­form well. Most alt­coins have lost their key sup­port and have trad­ed with over 90% loss, with many hop­ing for a cryp­to revival. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

The past few days have been filled with so much tur­bu­lence in the cryp­to space as many alt­coins have strug­gled to show strength after los­ing their key sup­port hold­ing off price decline.

The cur­rent uncer­tain­ty sur­round­ing the mar­ket has result­ed in reluc­tance on the part of traders and investors to make alt­coin pur­chas­es, as there is no assur­ance if they would be head­ing up any time soon.

FTX and now Gen­e­sis news has huge­ly impact­ed the price of MATIC, send­ing the price into a spi­ral move­ment to a region of $0.8 as the price strug­gles to stay at $0.7. 

After the price of MATIC closed below the week­ly high of $1, there are high chances of the mar­ket going low­er, with the prices of MATIC look­ing more bear­ish with the week­ly open.

Week­ly resis­tance for the price of MATIC – $1.

Week­ly sup­port for the price of MATIC – $0.7.

Price Analysis Of MATIC On The Daily (1D) Chart

Dai­ly MATIC Price Chart | Source: MATICUSDT On Tradingview.com

The price of MATIC remains con­sid­er­ably weak in the dai­ly time­frame as the price trades below the $1 resis­tance after bounc­ing off from the region of $0.8 on sev­er­al instances.

Rumor build­ing of a like­ly bank­rupt­cy of Gen­e­sis could affect the price of MATIC and oth­er small­er assets, with the price fac­ing a pos­si­bil­i­ty of los­ing the region of $0.7. 

If the price of MATIC breaks below $0.7, we could see more sell-off as this has been an area of inter­est to hold off bears. 

Dai­ly resis­tance for the MATIC price – $0.9-$1.

Dai­ly sup­port for the MATIC price – $0.7-$0.6.

Featured Image From zipmex, Charts From Tradingview 

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