Yesterday evening, Monday, Polygon (MATIC) recovered the dollar level after moderate growth since the beginning of the year. But cryptocurrency is not out of the woods yet. Since a correction is expected at any moment. In this analytical article we are trying to find out what will happen to the price of Polygon.
Polygon (MATIC) touches the dollar, but the bulls are not very decisive: will there be a correction?
At the time of writing this article (Tuesday, 5:49 Dubai time), the Polygon coin is trading, MATICat $0.9829 and reached $1.01 the previous day, which is the highest level in the last 50 days.
As expected, the MATIC currency corrected after exceeding the dollar and falling below its psychological threshold. Where the bulls failed to hold the dollar, and the bears quickly broke it.
However, the relative strength index (RSI) showed a slight slowdown on Monday evening. However, on Tuesday morning it rose again and is pointing at 67 (at the time of writing), indicating a possible recovery in price and perhaps a return to the dollar line and a breakout higher.
In fact, the Polygon price has fallen below the US dollar level again after already experiencing 4 failed attempts to break through major resistance yesterday. While MATIC price reached $0.9782, which was the lowest level in the last 24 hours.
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A fierce battle between bears and bulls... who will win!
Despite the minor correction, Polygon (MATIC) has not yet confirmed a breakout. Now it is very difficult to say whether the bulls or bears will win the battle.
However, we note that the cryptocurrency is showing stronger resistance since its latest breakout with the sawtooth pattern (a RSI pattern that denotes a fierce battle between bears and bulls) not looking as clear as before. This may indicate a decrease in selling pressure in favor of buying pressure.
With the RSI for MATIC still indicating potential upside, we can expect MATIC to be able to move back above the dollar threshold in the coming hours. This will give it a chance to reach the next resistance at $1.09, which was reached on December 27 last year.
- To see the latest Polygon (MATIC) price analysis from BeInCrypto,Click here>
If the cryptocurrency falls, it will be necessary to keep an eye on the crucial support at $0.96. This level also corresponds to the bottom of the Bollinger Bands. Therefore, MATIC price should not fall below this line for fear of undoing its entire upward trajectory.
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