Polygon On A Bearish Run; Is It Going to Target $0.5100
- MATIC faces challenging phase after falling below critical 0.60 support, now a resistance.
- Daily timeframe reveals bearish engulfing pattern and Monday’s close, indicating continued downtrend likelihood.
- Key indicators like MACD and RSI positioned in bearish zone, signaling persistent bearish sentiment.
Polygon’s current market movement is marked by a bearish trend, prompting questions about whether it’s heading towards a target of $0.5100. As the cryptocurrency landscape evolves, analyzing Polygon’s recent performance and technical indicators becomes crucial in gauging its potential trajectory. This analysis aims to provide insights into the factors influencing Polygon’s price movement and whether the projected target of $0.5100 holds merit.
Polygon Price Prediction: Technical Outlook
The current price of Polygon is $0.549048, accompanied by a trading volume of $291,450,696 over the past 24 hours. Within this timeframe, Polygon has experienced a decrease of 3.96%. In terms of market ranking, it currently holds the #13 position on CoinMarketCap, boasting a live market capitalization of $5,116,833,263 USD. The circulating supply stands at 9,319,469,069 MATIC coins, with a maximum supply capped at 10,000,000,000 MATIC coins.
Let’s analyze the technical aspects of the market for Matic. Currently, Matic is undergoing a challenging phase, trading with the strong bearish bias after descending beneath the critical support level of 0.60, which has now transitioned into a formidable resistance level.
A closer examination of the daily timeframe unveils the presence of a bearish engulfing pattern, accompanied by Monday’s close, indicating a strong likelihood of continued downtrend. The analysis of key indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), reveals their position in the bearish zone, underscoring the persistent strength of the prevailing bearish sentiment.
Furthermore, the 50-day Exponential Moving Average (EMA), stationed around the 0.6150 mark, is proving to be a significant point of resistance. At the present market price of Matic, which is slightly below the 0.54 area, the closing of candles just below the 50-day EMA emphasizes the dominance of bearish forces.
All indicators align favorably with a selling trend, emphasizing the likelihood of a downward movement. Consequently, it’s prudent to consider initiating a short position below the 0.5900 level earlier today, with an envisaged target at the 0.50 level.
On the other hand, a bullish breakout beyond the 0.59 level could strengthen the prospects of a reversal, with the bullish momentum maintaining its vigor. Such a development could propel Matic towards its next resistance level at 0.6550.
Stay tuned for more updates!