Polygon price has remained above the psychological level of $1.0000 despite the recent plunge. After dropping to $1.0103 earlier in the week, the altcoin has bounced back to the support zone at $1.2000. The crypto, which is ranked 23rd in the crypto market, h as had its trading volume drop by 30.76% over the past 24 hours according to CoinMarketCap.
On the one hand, the risk sentiment has improved. However, the crypto fear & greed index remains on the fear end of the spectrum. The current reading of 27 is an improvement from the previous session’s 21. In comparison, the index was at a neutral of 53 in the past week.
MATIC is easing at around the support level of 1.2000 for the second consecutive session. Earlier in the week, the altcoin dropped to its lowest level since early August at 1.0103. At the time of writing, Polygon price was down by 0.98% at 1.2180.
On a two-hour chart, the crypto is trading slightly above the 25 and 50-day exponential moving averages. However, it is below the long-term 200-day EMA.
In the short term, I expect Polygon price to continue finding support along the 25-day EMA at 1.2000. subsequently, additional bullish momentum may push it to the resistance level along the 200-day EMA at 1.3076. If it declines below 1.2000, 1.1525 and 1.0728 will be the support levels to watch out for.