Price Analysis

Polygon Price Repeatedly Fails To Breakout! MATIC Price To Retest $0.63?

Despite a surge in the Ethereum-based tokens following the approval of the spot ETH ETF, the Polygon MATIC price has displayed a weak price action over the past six weeks, highlighting a rising disinterest of investors in the Layer-2 (L2) token.

The MATIC coin price has recorded a trading volume of $298.25 Million and a correction of approximately 1% within the past day. Furthermore, it has lost 2.57% over the past week and has a YTD return of -28.30%, suggesting a long-term bearish sentiment for the altcoin in the crypto space.

MATIC Crypto Price Displays A Consolidated Trend:

After displaying a sideways trend for the first month, the Polygon price experienced a bullish reversal in its chart, recording a high of $1.29 on 13th March.

However, following this, the bulls lost momentum and recorded a correction of 50.96%, resulting in it hitting a low of $0.60. Since then, the MATIC coin price has traded in a closed range between $0.6325 and $0.7425, highlighting a decreased bullish sentiment. 

TradingView: MATIC/USDT

Despite increased price volatility in the crypto space post-approval of the Ethereum ETF, the MATIC price repeatedly failed to break out of the resistance level at $0.7425, indicating a weak price action for the altcoin in the crypto market.

With a trading price of $0.6965, a circulating supply of 9,907,383,504 MATIC, and a market cap of $6.894 Billion, the Polygon crypto has secured the 18th place in the top 100 cryptocurrencies by market cap.

Polygon Market Sentiments:

The EMA 50-day acts as a support to the price chart, highlighting a strong bearish influence for this Layer-2 altcoin in the crypto market.

The Moving Average Convergence Divergence (MACD) shows a constant decline in the green histogram with its averages recording a bearish crossover in the 1D time. This suggests a negative outlook for the Polygon price in the coming time.

Will MATIC Coin Go Up?

If the bulls regain momentum, the Polygon crypto price will retest its resistance level of $0.7425. Furthermore, if the market experiences a rally, this could result in the MATIC token preparing to test its upper resistance level of $0.890 during the upcoming month.

However, if the bears continue to gain power over the bulls, the MATIC coin price will plunge toward its crucial support level of $0.6325 in the coming time.

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT