Polygon

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/matic-price-analysis-matic-suffers-as-ema-triggers-sell-off/">MATIC Price Analysis: MATIC Suffers As EMA Triggers Sell-Off!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite the recent breakout with the market recovery, the MATIC coin price found a bearish setback sooner than expected. The sudden bearish takeover reflects the weakness in buying spirit and warns of a sharp correction. 
The higher price rejections leading to the 5.65% drop in MATIC price attempts to nullify the breakout signal. Threatening the spirit of Uptober rally, the sudden market-wide correction raises doubt against <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/">MATIC price predictions </a>hinting at $1 in 2023.&nbsp;&nbsp; 
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The MATIC price jump with the double bottom breakout fails to exceed the 50-day EMA, leading to a downside reversal. Moreover, the higher price rejections close to $0.60 reflect a huge supply inflow undermining the recovery rally.&nbsp; 
With long wicks, the Polygon prices shadow a double top pattern during the consolidation at the 50-day EMA. Additionally, last night’s recently formed bearish engulfing candle gives the double top’s downside break.&nbsp; 
With the crucial bullish support at $0.49, the Polygon prices tease a sideways trend with the overhead ceiling at $0.60.&nbsp;&nbsp;The MATIC price is currently trading at $0.5306 with an intraday move of 0.25%, leading to a negligible relief.&nbsp; 
Technical indicators: 
RSI indicator: The daily RSI line maintains a positive trend and avoids reciprocating the Polygon price trend. Leading to a bullish divergence, the indicator teases a bullish comeback for Poylgon from $0.50. 
EMA indicator: The falling trend in the 50-day and 200-day EMAs remains a crucial catalyst of bearish reversal and provides supply inflow.&nbsp; 
<h2 class="wp-block-heading" id="h-will-matic-price-sustain-above-0-50">Will MATIC Price Sustain Above $0.50?</h2> 
Despite the recent recovery, the ongoing uptrend in the MATIC price displays a bearish attack with the intent to undermine the channel breakout. The high momentum bear phase currently warns of a correction to the psychological mark of $0.50. A slip below this level will plunge Polygon to $0.46. 
On the positive side, reversing from $0.50 or an early reversal will rechallenge the $0.60 resistance zone.&nbsp; 

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MATIC Price Analysis: MATIC Suffers As EMA Triggers Sell-Off!

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