Polygon (MATIC) is below the $1 mark today as the bears continue to push its price. As of April 19, 2023, it gradually entered a downtrend to its current price level of $0.966 today.
The recent price volatility and decline experienced by Bitcoin and Ethereum seem to have a ripple effect on other tokens in the market. However, MATIC remains above its January 1 price of $0.76 despite the drop, retaining most of its gains.
However, a sweep of the previous lows is still possible if the bears hold their charge. Investors and the crypto market in general expect the current drop to be a minor correction, not a downward trend similar to the crypto winter of 2022.
Will MATIC move away from the critical support level of $0.9321?
Some of the major cryptocurrencies are in a downtrend, excluding some altcoins with minor gains. Imminent US rate hikes and other factors such as increasing bitcoin mining difficulty could negatively affect the market.
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Polygon It ranks number 9 on the cryptocurrency list and is a platform for scaling Ethereum. Also, with recent updates, users can create Upbeat Rolling Chains and ZK roller chains as required by the developer. Its multifunctionality is one of the reasons why its community is optimistic about a rally in the coming weeks.
MATIC is in a downtrend forming a third consecutive red candle on the daily chart with lower lows. It has fallen below its 50 and 200 days. Simple Moving Averages (SMA), a short-term and long-term downtrend. MATIC turned downtrend on April 19, forming a long red candle that closed below the 50-day SMA.
He too Relative Strength Index (RSI) it is 31.91, descending to the oversold region of 30. This implies that the bears are in control of the asset price. However, MATIC is approaching the support level of $0.9321, which previously acted as a turning point on January 1, 2023. The RSI of MATIC will move into the oversold region when it touches this level, forcing the bulls to rally again.
Wait for a price increase once the asset enters the overbought zone. The next support level is $0.7472; resistance levels are $1.026 and $1.1914. Furthermore, the $1 price level has become a psychological resistance point.
MATIC loses ground on the chart l MATICUSDT on Tradingview.com
MATIC has formed a ascending triangle pattern on the monthly chart; the next break of this pattern will be vital to its price action. It traded higher in February and March 2023 before pulling back in April.
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A return to the top of the triangle is possible if the bulls rally. He too monthly RSI The value is 53.60 in the neutral zone but moving down, reflecting the downtrend in April.
Featured image from Pixabay and graphic from Tradingview
This post Polígono (MATIC) continues to sink; Why are bears still dominant?
was published first on https://www.newsbtc.com/matic/polygon-matic-continues-to-plunge-why-are-the-bears-still-dominant/
