Polygon (MATIC) experienced a significant drop in price yesterday, falling by over 7% from an opening price of $1.1718 to a low of $1.0550. However, the altcoin was able to recover somewhat before the end of the trading session, closing above the $1.0773 support level at $1.0843. This comes after MATIC’s price had entered into a 4-day positive sequence last Thursday, during which its price climbed from a low of $1.0959 to a high of $1.1885 on Sunday. However, the days that followed saw a sharp drop in price.
On Tuesday, MATIC’s price dropped to the key support level at $1.1517, which fortunately held, resulting in the altcoin’s price closing at $1.1718. But the support level was unable to withstand strong sell pressure the following day, causing MATIC’s price to drop below the next key support level at around $1.0773. The altcoin was able to recover back above this level before the end of the trading session, but the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line, which could signal a short-term bearish cycle for MATIC.
Traders and investors should keep an eye on the $1.0773 support level, as a daily close below this level would validate the bearish thesis. At the time of writing, MATIC is trading at $1.09 according to CoinMarketCap, with its price drop over the last 24 hours flipping its weekly price performance into the red, down 1.94% over the last 7 days.
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