Sheldon McIntyre, CMT
Independent Analyst
- MATIC price lacking conviction as price defines a wide but well-defined range.
- The downward pressure of the 50-day simple moving average (SMA) may contain bounce.
- Polygon, Ethereum’s Internet of Blockchains, enabling fast and free transactions.
MATIC price has traded in a 60% range since mid-March. The notable indecision hints that speculators are not as enthusiastic about the Polygon story as in the first part of 2021, recommending a range-based strategy until resistance or support is broken.
MATIC price waiting on a breakthrough during tense crypto environment
Polygon trades just below the 50-day simple moving average (SMA) at $0.347 and the mid-line of the range at $0.367. To increase the probability of success, speculators should look for a pullback near the lows of the range at $0.291 and use the mid-line at $0.366 as the first profit target, followed by the range highs at $0.459. If speculators are impatient, a rally from the current price will yield around a 35% gain.
MATIC/USD daily chart
Support for Polygon begins at the 50% retracement of the 2020-2021 rally at $0.277, followed by the intersection of the 100-day SMA at $0.216 and the 61.8% Fibonacci retracement at $0.214. A further collapse would find little support and confirm that the altcoin outlook has shifted negatively.
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