According to the analysis of digital currency experts, Metic’s cryptocurrency is in a precarious situation. By observing the technical indicators, it can be said that the price correction of Poligan is probable.
Polygon token (MATIC) has seen a significant price increase in the last month. Currently, MATIC appears to be overbought. A downward movement below $0.77 will pave the way for Metic’s price to drop to $0.58.
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The possibility of price correction of Paligan
Polygon cryptocurrency seems to be ready for a price correction after the cryptocurrency market surged last month. A significant support area could help sustain the MATIC price. According to the evidence, we should expect MATIC to fall after the key Polygon support is broken. The price has so far failed to break the support zone.
Metic gained nearly 200% in the past month in a strong price rally. On July 18, the price of this cryptocurrency reached the range of $0.98 from the bottom of $0.32. Metic is currently in the “overbought” zone.
The Tom DeMark composite indicator has sent a sell signal on the Metic daily chart. The bearish structure in Endycover is displayed in the form of 9 candlesticks. Paligan’s bearish view was strengthened when the last two candles closed below their previous red candle.
Metic Token It is currently above an important support area. This area is obtained from the areas of the Parabolic SAR indicator, the 100-day moving average and the 78.6% retracement Fibonacci. Closing the daily candle below the $0.77 support area increases the possibility of a price correction. If the bearish scenario occurs, Metic’s price will correct by 22% and move towards the 50-day moving average in the price range of 0.58.
MATIC needs to temporarily break the $0.98 price ceiling formed on July 18 to break the bearish view. With this critical resistance level broken, Metic will move towards the 200-day moving average at $1.20 as it absorbs liquidity.
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Source: cryptobriefing