Technical Analysis for MATUSD for 6th March 2023
Polygon Tanks 30% in Less Than 3 Weeks, Support at $1.10
Past Performance of MATIC
Polygon prices more than double from January to February. MATIC rose 108% from December lows and remains within a bullish formation despite recent losses. From the daily chart, MATIC is down 30% from February peaks and likely to post even more losses in sessions ahead.
MATIC Technical Analysis
Polygon prices fell over the weekend, continuing their retracement from February highs. The token now has support at the 61.8% retracement level though the uptrend remains valid. As it is, traders can find support at $1.10 with resistance at $1.30, coinciding with the 38.2% Fibonacci retracement of the December to February 2023 trade range. Any loss below $1.10, confirming losses of March 3 and 4, might see MATIC slide to $0.95, a reaction line flashing with December highs. Meanwhile, optimistic traders can wait for an expansion above $1.30 before loading, targeting February highs at $1.58.
What to Expect from MATIC
The uptrend remains bullish, but bears are pressing on. With MATIC down roughly 30% from February peaks, retesting a critical Fibonacci retracement level, traders can wait for a definitive breakout. Gains above $1.30 or losses below $1.10 will shape the short-term trend.
Resistance level to watch: $1.30
Support level to watch: $1.10
Disclaimer: Opinions expressed are not investment advice. Do your research.
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