Decreasing Volume Hints Polygon Prices Correction Is Temporary

Published 2 hours ago by
Brian Bollinger The local support of $0.76 may be retested by the fast-falling Polygon coins price. The coin price could see a strong momentum breakdown from this support due to rising volume on the sell side. The $0.76 and $0.7 support levels could provide support for coin buyers.
The bearish crossover is possible with the 20- and 200 EMAs
The MATIC’s intraday trading volume is $550.7 billion, which represents a 72% increase.
Source: -TradingviewThe polygon coin saw a V-top reverse from the $1.3 resistance amid the recent chaos in the crypto market. This downfall also saw a 41.3% drop and plunged to $0.76 local support. However, the coin’s current price is at $0.783, but the increase in volume over the last three days suggests that this downfall could continue. With continued selling, the Polygon price could soon surpass the $0.76 support, which would bolster further decline. Trending StoriesThis would cause the MATIC price to fall 11.5% and test the $0.7 Fibonacci retracement level. This support appears strong enough to resume the current uptrend. However, the overall volume action has decreased during the correction phase, which suggests that this downturn is temporary. Thus, coin holders should watch for any reversal signs at $0.76 or $0.7.Technical IndicatorsMACD indicator: with a significant bearish spread, the MACD and signal lines dropped below the neutral, indicating the market sellers regained trend control.advertisementEMAs: the long-flattish EMAs(100 and 200) accentuate a sideways market trend. The falling downward trend of the short-day EMAs (100 and 200) indicates rising selling pressure.
Trend: Bearish
Volatility Low
Resistance levels: $7.6 and $7.6
Support levels: $7 and $0.95
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