#MATIC #Polygon #CryptoMarket #Cryptocurrency #Bitcoin #Ethereum #SEC #Kraken
MATIC’s price has seen a 10% reduction following the SEC’s lawsuit against the cryptocurrency exchange platform, Kraken, where it was mentioned as security. Polygon, the framework for building and connecting Ethereum-compatible blockchain networks where MATIC is the native token, is experiencing a downward price trend and may face challenges in recovery.
A fresh descent began for the MATIC price from around $0.98 against the US dollar, and it is currently being traded below $0.80 and the 100 simple moving average (4 hours). A noteworthy bearish trend line with resistance around $0.788 has been spotted on the 4-hour chart of MATIC/USD pair (data sourced from Kraken). If the pair continues to stay below the $0.800 resistance zone, it is expected to further decline.
Polygon’s price performance has been below par after struggling to clear the $1.00 resistance. There was a decline under the $0.92 and $0.85 support levels, with the bearish market even pushing the price beneath the $0.82 support and the 100 simple moving average (4 hours). It reached down to test the $0.728 support level, following which it began its period of loss consolidation.
Interestingly, a distinct bearish trend line was formed with resistance around $0.788 in the 4-hour chart of MATIC/USD pair. The immediate resistance is expected to be around the $0.785 level, which is also considerably close to the 23.6% Fib retracement level of recent decline from $0.9829 to $0.7285. Should there be break upwards beyond the $0.800 resistance level, a price rise could follow. Conversely, failures to surpass the $0.800 resistance level could result in a continued decline.
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