- MATIC’s fall beneath $0.94 switched the short-term trend to seller favoritism.
- The token’s network growth and social dominance plummeted.
The latest selling tendencies dragged MATIC into a bearish track, with the alternative token enduring a massive bearish action from the resistance at $1.2. The previous few days saw the asset constricting its high volatility, following slight slowdowns at the support floor of $0.87.
Meanwhile, sellers might aim to reestablish their regime if a bearish cross in the short-term Exponential Moving Averages materializes.
Polygon Consolidated Near EMAs
MATIC has triggered multiple bullish moves since breaking past the crucial trend line support, targeting the ceiling at $1.2. Meanwhile, the November 8 bearish engulfing candle strengthened the selling momentum and dragged the token beneath its 20-50-200 Exponential Moving Average.
Nevertheless, MATIC lost nearly a 1/3 of its value over the past week, testing the support at $0.81. considering the southbound 20 Exponential Moving Average, a decisive death cross between the 20EMA and the 200-50 Exponential Moving Average might delay Polygon’s short-term recovery projections.
Reversals from the resistance range of $0.93 – $0.94 might stretch the show-moving period in the upcoming sessions. Breaching the support at $0.87 might trigger a decline toward $0.77 – $0.8. An immediate or possible revival from this foothold might offer buying opportunities.
The initial massive resistance mark would remain at $0.94. a close beyond this hurdle might welcome lucrative gains, pushing the alternative token beyond $1. The RSI (Relative Strength Index) swayed around the equilibrium, indicating a neutral stance.
To measure market momentum, buyers should watch for significant closing beneath or beyond the zero mark. Nevertheless, the OBV’s (on-balance volume) higher troughs within the past few days saw a bullish divergence with MATIC’s price action.
Declined Social Dominance & Network Growth
Santiment confirmed massive declines in Polygon’s network expansion from the highs of mid-October. Meanwhile, the same timeframe saw the price action on gradual growth. Also, MATIC’s social dominance noted declines over the past two weeks. That indicates a bearish bias for the alt, though targets would stay as discussed.
Feel free to share this article.