Bitcoin

Resistance

Polygon

MATIC price is down over 10% after the SEC’s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover. 
<ul> 
 <li>MATIC price started a fresh decline from the $0.98 resistance against the US dollar.</li> 
 <li>The price is trading below $0.80 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to decline if it stays below the $0.800 resistance zone.</li> 
</ul> 
<h2 id="polygon-price-takes-hit">Polygon Price Takes Hit</h2> 
After a decent increase, Polygon’s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-35650/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-trouble-2000/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses. 
MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair. 
Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561882" src="https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468" alt="MATIC Price Prediction" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/MATIC-1.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/MATICUSD/" target="_blank" rel="noopener nofollow">MATICUSD on TradingView.com</a> 
The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950. 
<h2 id="more-losses-in-matic">More Losses in MATIC?</h2> 
If MATIC’s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level. 
The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level. 
Technical Indicators 
4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone. 
4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level. 
Major Support Levels – $0.728 and $0.700. 
Major Resistance Levels – $0.785, $0.800, and $0.855.

MATIC Price Prediction: Polygon Turned Sell On Rallies In Short-Term

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