• Polygon’s rally has come to an end with the completion of its Elliot impulse wave.
• MATIC found a local top at the $1.5 key resistance before sellers took over and pushed it below.
• MACD did a bearish cross today, which indicates that the bias for MATIC is bearish.
Polygon Price Analysis
The rally has ended for Polygon with the completion of its Elliot impulse wave. After a sustained rally, MATIC seems to have found a local top at the $1.5 key resistance. The price briefly moved above this level before sellers took over the price action and pushed it below.
Trading Volume
The selling volume is increasing, and this is also reflected in the price.
Relative Strength Index (RSI)
The daily RSI is falling toward 50 points after a short stay in the overbought area.
Moving Average Convergence Divergence (MACD)
The daily MACD did a bearish cross today, and its histogram is making lower highs.
Short-Term Prediction For MATIC Price
The rejection at $1.5 has stopped current hopes for this cryptocurrency to go higher at this time. A correction seems like the more probable scenario at this time and it’s interesting to see how the market will play out.