MATIC Technical Analysis: Will Sellers Sabotage The Weekend Recovery?

The MATIC prices break below the long-coming retest trendline and retest it over the weekend, teasing a post-retest reversal rally. Key Technical Points: The Polygon market price action shows a bullish reversal from the $0.75 support zone to retest the broken resistance trendline. The downtrend continuation below the $0.75 support zone can reach the $0.57 mark. With a market cap of $6.50 billion, the intraday trading volume of Polygon has decreased by 20% to reach $365 million. Past Performance of MATIC The Polygon (MATIC) price action shows an increase in selling pressure at the resistance confluence of the $1.0 horizontal level and 200-day EMA. Consequently, this results in a bearish reversal, accounting for a 25% drop breaking below the support trendline to reach the $0.75 support zone. However, the bullish recovery over the weekend retests the broken trendline with a price jump of 7%. Source – Tradingview MATIC Technical Analysis The MATIC price action displays a 1.59% drop in the daily candle after facing opposition from the 50-day EMA. Hence, the possibility of a downtrend as a post-retest reversal increases. With the recent crash in the polygon token price, the chance of a bullish crossover between the 50 and 100-day EMA nullifies. The RSI indicator reflects a phenomenal increase in the underlying bearishness as the RSI slope sustains in the nearly oversold zone. Moreover, the MACD indicator supports the bearish sentime...