MATIC’s least resistance path is downward within a descending parallel channel. Recovery could be uphill battle based on immense resistance in IOMAP model. Bulls may start regaining control if MACD crosses above the signal line on the 4-hour chart. MATIC struggles with sustaining the uptrend after briefly diving from the 4-hour 50 Simple Moving Average (SMA) resistance. Its recovery is treading on a thin layer of ice due to deteriorating on-chain metrics. If support above $0.3 fails to hold, Polygon may plunge toward $0.2. MATIC bulls fight to take control Polygon is trading within the confines of a descending parallel channel. The rejection at the 50 SMA resulted in the dip under the channel’s middle boundary support. A recovery ensued on testing the lower edge, reinforced by the 200 SMA. At the time of writing, MATIC is exchanging hands at $0.33 amid the scuffle to nurture the uptrend. The Moving Average Convergence Divergence (MACD) indicator is sloping downward, thus making recovery an uphill task. Polygon will be vulnerable to losses if the middle boundary’s pivotal level is lost as short-term support. MATIC/USD 4-hour chart The IOMAP, an on-chain metric by IntoTheBlock, reveals intense resistance ahead of Polygon. Currently, the most robust seller concentration zone runs from $0.335 to $0.345. Here, roughly 1,100 addresses had previously purchased approximately 74 million MATIC. Other hurdles have lined up the path heading to $0.4 and are likely to delay recovery. On the downside, support is relatively weak. The model brings to light the subtle anchor zone at $0.306 and $0.316. Here, around 1,100 addresses had previously bundled up roughly 19.7 million MATIC. This shows that the least resistance path is downward. MATIC IOMAP chart Looking at the other side of the picture It is worth noting that establishing support above the descending channel’s middle boundary would bring stability back to the market. Moreover, buyers watching from the sidelines are likely to return to the market to anticipate gains above $0.4. The uptrend will be validated by the MACD line (blue) crossing above the signal line. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Bearish bets return on Asian currencies for the first time since April 2020 – Reuters poll FX Street 1 year MATIC's least resistance path is downward within a descending parallel channel. Recovery could be uphill battle based on immense resistance in IOMAP model. Bulls may start regaining control if MACD crosses above the signal line on the 4-hour chart. MATIC struggles with sustaining the uptrend after briefly diving from the 4-hour 50 Simple Moving Average (SMA) resistance. Its recovery is treading on a thin layer of ice due to deteriorating on-chain metrics. If support above $0.3 fails to hold, Polygon may plunge toward $0.2. MATIC bulls fight to take control Polygon is trading within the confines of a descending parallel… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.