Polygon (MATIC) bulls encountered resistance at $0.9862 early in the day, and as a consequence, bears took market control and sunk the price to $0.9494, where support was formed. The bearish dominance was still in play at press time, resulting in a 2.46% drop to $0.9601.
If negative momentum continues and the $0.9494 support level is breached, the next level of support to look for is around $0.9350, which may cause more selling pressure in the market. However, a price recovery is possible if the support level holds and buyers step in, pushing the price back above the $0.9862 resistance level.
During the fall, MATIC’s market capitalization and 24-hour trading volume plummeted by 2.45% and 9.56%, respectively, to $8,878,775,281 and $347,171,084.
MATIC/USD 24-hour price chart (source: CoinMarketCap)
The MATIC price chart’s average directional index (ADX) value of 20.24 indicates that the negative momentum is weak and the price is now in consolidation. Given its upward trajectory, bulls may soon reassert their dominance in the market; an ADX reading above 25 would indicate an even more robust bullish trend.
A Chaikin Money Flow score of -0.06 on the MATIC price chart indicates that there is still some selling pressure in the market. However, it is not strong enough to completely override the potential bullish trend indicated by the upward-pointing position.
MATIC/USD chart (source: TradingView)
On the MATIC price chart, the rate of change (ROC) score of -1.94 indicates that the price of MATIC has decreased relatively quickly over the last 4 hours. However, the fact that it is pointing upwards suggests a possibility of a price reversal or a temporary halt in the downtrend, indicating a possible buying opportunity for traders looking to enter the market.
With a stochastic RSI reading of 28.53 and trending higher, the negative momentum in MATIC may fade, suggesting that traders consider establishing a long position in preparation for a future price gain.
MATIC/USD chart (source: TradingView)
MATIC faces bearish pressure, but consolidation may signal a potential price reversal, making it a buying opportunity for traders.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
