Bitcoin

Resistance

Polygon

MATIC price is down over 15% and tested the $0.5150 support. Polygon is slowly recovering, but the bears might be active near $0.5650 and $0.5720. 
<ul> 
 <li>MATIC price started a fresh decline from the $0.6285 resistance zone against the US dollar.</li> 
 <li>The price is trading below $0.570 and the 100-hour simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair (data source from Kraken).</li> 
 <li>The pair could recover and test the $0.5720 resistance zone in the near term.</li> 
</ul> 
<h2 id="polygon-price-takes-hit">Polygon Price Takes Hit</h2> 
After a decent increase, Polygon’s price faced heavy resistance near the $0.6285 zone. MATIC formed a short-term top at $0.6286 and recently started a fresh decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slide-64500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-3350/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a sharp move below the $0.600 and $0.5720 support levels. The price even dipped below $0.5250 and tested $0.5150. A low was formed at $0.5151 and the price is now attempting to recover. There was a move above the $0.5350 resistance level. 
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6286 swing high to the $0.5151 low. MATIC is trading below $0.560 and the 100 simple moving average (4 hours). 
Immediate resistance is near the $0.5550 zone. The first major resistance is near the $0.5720 level or the 50% Fib retracement level of the downward move from the $0.6286 swing high to the $0.5151 low. There is also a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-625141 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461" alt="MATIC price Polygon" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/MATIC.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is an upside break above the $0.5720 resistance level, the price could continue to rise. The next major resistance is near $0.5850. A clear move above the $0.5850 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.6285 level or $0.650. 
<h2 id="another-decline-in-matic">Another Decline in MATIC?</h2> 
If MATIC’s price fails to rise above the $0.5720 resistance level, it could start another decline. Immediate support on the downside is near the $0.5320 level. 
The main support is near the $0.5150 level. A downside break below the $0.5150 level could open the doors for a fresh decline toward $0.50. The next major support is near the $0.4850 level. 
Technical Indicators 
Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 30 level. 
Major Support Levels – $0.5320 and $0.5150. 
Major Resistance Levels – $0.5600, $0.5720, and $0.5850.

MATIC Price Prediction: Can Polygon Recover From The Recent Crash?

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