- MATIC struggles to hold prices above $0.75.
- MATIC has traded under the Ichimoku clouds and below all three moving averages.
Polygon [MATIC] Market bulls were unable to overcome the strong resistance that was evident at presstime.
In the past 30 days, Polygon has seen its price increase. struggled To stay above $0.75. Its value has dropped to $0.61 as of press time.
In the chart below, MATIC is shown repeatedly attempting to overcome resistance levels at intervals of $0.66 up to $0.75.
Each rally ended in a sudden reversal. This indicates a strong bearish trend at higher prices.
TradingView
MATIC’s support levels on the downside are $0.57 and $0.61. In the past, buyers have always stepped into these support areas to stop further falls.
The RSI fluctuates around 50, indicating a balanced between the buying and selling forces.
It hasn’t yet reached overbought (above 70%), and this is in line with the fact that the price of the stock doesn’t seem to be moving up.
TradingView
As the price moved below the Ichimoku cloud during the time of press, it suggested that the market was in a negative mood.
The above chart revealed lower highs as well as lower lows. A classic sign of a trend that is bearish.
The MACD was near the signal line. It hovered around zero, which indicated that neither the bulls nor the bears had a strong amount of momentum.
TradingView
MATIC also saw many double-top configurations over the last 30 days.
Price was well below the three moving averages. This confirms the negative outlook, as it suggests that bears are driving the trend.
Coinglass
The volume of derivatives traded by MATIC has dropped significantly, 53.14%.
Here’s a list of realistic and not-so-realistic images. MATIC’s market cap in ETH’s terms
The ratio of long to short Binance [BNB] At the time of publication, MATIC/USDT was 3.8852. This suggests that there were more longs than shorts.
More traders appeared to be convinced that MATIC could gain in the long run.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
