Polygon (MATIC) Tags Critical Support, Contemplating a 15% Hike
- MATIC lost 18% of its price on 5 January, retesting the 50-day SMA at $2.14.
- Market players can await a 15% climb if MATIC rebounds from this support floor.
- Losing the demand barrier at $2 will ruin the bullish narrative.
MATIC price appears to run on fumes and might witness a relief rebound following the 5 January flash crash. The downward move pushed the alt to retest critical support that might trigger a minor surge.
Polygon Price Targets Recovery Rally
MATIC saw its price dropping by almost 18% during yesterday’s market crash. That way, the coin breached the 50-day Simple Moving Average at $2.14. Though Polygon rose past the level, MATIC retests the barrier at the moment, awaiting a potential relief bounce.
The crypto can witness buying momentum intensifying around the $2.14 level due to the bullish trend MATIC presented since 19 July 2021. Meanwhile, market players can anticipate a 15% rally from Polygon, retesting the resistance barrier at $2.47.
Nevertheless, the run-up remains highly situational and might witness further extension with increased bid orders. In such scenarios, Polygon may see its price revising the barrier at $2.70, translating to a 25% price surge.
On the other side, MATIC producing a 4hr candle close under the 50-day Simple Moving Average around $2.14 will confirm the increased activity by Polygon sellers. With that, MATIC will revisit the psychological zone at $2. Some scenarios will see the alt hitting the 100-day Simple Moving Average at $1.86.
Breaching the price barrier at $1.86 will form a lower low, nullifying the bullish case. Such a move might trigger a downside move to a 200-day Simple Moving Average of $1.53.
Though MATIC awaits a 15% climb, violating the demand barrier at $2 might ruin the optimistic picture. Keep in mind that the altcoin saw a massive crash following yesterday’s flash crash. The downward move had MATIC hitting critical support that can trigger upsurges. It could be interesting to watch what the alt presents in the upcoming sessions. Stay tuned for the latest updates in the crypto world.
Editorial credit: Dennis Diatel / shutterstock.com
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