Polygon price plunged as a reaction to the FOMC meeting minutes; a trend observable in other cryptocurrencies. Bitcoin, the leading crypto by market cap, dropped by 9.60% after the Fed meeting minutes indicated that interest rate hikes may commence earlier than expected. Ripple and Cardano are some of the other altcoins that have exhibited a similar trend.
MATIC has eased at around 2.1500, even as it remains on a downtrend. On Wednesday, the altcoin dropped by about 17.58%. Over a span of one-and-a-half weeks, it has declined by 27.03% from its all-time high of 2.9256.
At the time of writing, it was down by 2.44% at 2.1289. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. It is also below the long-term 200-day EMA. These technical indicators signal a continuation of the bear market.
In the near term, Polygon price will likely trade within a tight range as it continues to find support at 2.1009. From this perspective, it may experience resistance at 2.2057.
A decline below the aforementioned support level will have the bulls defend the psychological support zone of 2.0000 as it bounces off a low of 2.0037. On the flip side, a rebound past the resistance level of 2.2057 will likely push Polygon price to along the 200-day EMA at 2.3172.
This post was last modified on Jan 06, 2022, 09:11 GMT 09:11