The top cryptocurrency continues to steadily increase value as the crypto market has gained momentum and is trading positively. On the other hand, Polygon price has turned out to be one of the top losers by dipping over 4% in its value in the past day.
The MATIC price had been trading under massive price volatility since mid-September. The Polygon price then made a run but was rejected at $0.5502 twice, forming a resistance zone, and the coin plunged.
The Polygon coin recently made another attempt and successfully broke out of the range, following which the token was seen trading close to the zone for a period.
The coin has been trading in the ascending channel for a brief period of time. The price has retested the overhead resistance trendline multiple times but failed, resulting in the bulls losing momentum. The crypto is presently hovering close to its support trendline and is on the verge of retesting the levels.
The Polygon price displays a Golden Crossover in its charts, indicating the possibility of a trend reversal, which could further push the price toward its resistance level.
The MACD displays a rising red histogram, indicating a weak price action for the coin. Moreover, the indicator displays a bearish convergence in its charts, indicating the price to further fall in the coming days.
Will MATIC Price Recover?
If the bulls gain power and push the price above the resistance level of $0.600, then the price will gain bullish momentum, resulting in the price gaining in the coming days. Further, if the market holds the price at that level, the bulls will then prepare to test the upper resistance level of $0.6590 in the coming days.
On the flip side, if the bears overpower the bulls and break down the ascending channel, the price will fall, and the support level will be tested at $0.5455.
Moreover, if the bulls fail to hold the price at that level, then the price will experience a strong bearish influence and will further fall and test its lower support level of $0.5005 soon.
