Polygon (Matic) bounced off the $0.94 support on May 2nd, suggesting that the bulls are aggressively trying to protect the level. The 20-day EMA ($1.02) is turning down and the RSI is in the negative territory, suggesting that sentiment remains bearish. The sellers will try to halt the rally at the 20-day EMA. This support coincides with the 50% Fibonacci retracement level, creating a strong zone of accumulation that could help buyers regain bullish momentum. The rise in global volume is more than 35% in the last 24 hours.
At the time of writing, MATIC was trading at $0.998
MATIC after making the recent top of $1.568 witnessed a sharp fall and the prices corrected almost by 33% and made a low of $0.942. Post this move, the asset tried to resume the up move and rallied up to $1.25, However, the bulls failed to push the prices above the resistance zone of $1.20 – $1.25 and witnessed a 25% drop. Currently, on a daily time frame, MATIC is consolidating and trading sideways in a support zone of $0.995 to $1.05. Breakout on either side of the range with good volumes will further decide the trend of the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $0.75 | $0.95 | MATIC | $1.05 | $1.20 |
