- The token has gained a negative reputation.
- MATIC is available for $0.93 next crucial support level.
Polygon [MATIC] In the past few days, MATIC crossed an important resistance zone that suggested a new bull run. MATIC dropped dramatically in value on April 1st. Can MATIC control Q2’s beginning?
Polygon Investors are in shock
World of Charts – a popular cryptocurrency analyst – recently published a tweet MATIC has managed to surpass a previous resistance. As its price increased towards $1, this was also the case.
If MATIC reached this level, the price of tokens could have risen to $1.01. The token’s price did indeed drop, but not to the $1.00 level.
As per CoinMarketCapMATIC fell by over 3 percent in just the last 24 hour. It was currently trading at $0.9659, with a total market cap of $9.5 billion. This makes it the 17th biggest crypto.
Polygon’s social volume increased as a result of the price decline. Polygon’s volume of social media increased as the crypto community talked about Polygon.
The weighted sentiment also showed a significant increase in the bearish side.
Santiment
AMBCrypto then checked Hyblock Capital’s data to better understand the reason for this decline. After MATIC reached $1, our analysis showed that MATIC’s liquidity soared.
A high level of liquidation is a sign that the selling pressure will be intense, which can lead to a price drop. MATIC was unable to reach its $0.97 support level and dropped below. This indicated that the token’s price might go down further.
Hyblock Csapital
Can Polygon continue its downward trend?
AMBCrypto looked at CryptoQuant’s data to determine whether or not the downward trend would continue. data. MATIC had a growing exchange reserve, which meant that the pressure to sell tokens was very high.
Also, the number of active daily addresses as well as transaction volumes have declined.
CryptoQuant
It was clear that the technical MACD indicator had a bearish bias on the market. Relative Strength Index registered a dramatic downtick.
You can read more about it here Polygon’s [MATIC] Price Prediction 2024-25
Polygon’s Chaikin Money Flow, or CMF, also showed a declining trend. This indicated that there was a high probability of a further price drop.
Investors should be on the lookout for the $0.93 zone of resistance if the downward trend continues. A drop below that level could cause concern.
TradingView
“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
