Polygon Price Analysis: MATIC Coin Price Continues To Move In A Downtrend For $1

• MATIC coin price has formed a bearish pattern on the daily chart and can soon hit a new low. Meanwhile, Polygon price has observed a loss of more than 1% in the intraday session
• Technical indicators of Polygon suggest a downside momentum in price for upcoming days. Meanwhile, MATIC/BTC pair has observed a loss of more than 3.5% in the past 24 hours

MATIC coin price is observing a downtrend on the daily chart and can soon hit a new low in the future. Polygon price is currently trading with a loss of 1% and is trading near the value of $1.45. MATIC price bullish momentum can see a halt near the value of $2. In contrast, the hostile region in POLYGON while going down can be observed near $1. The price of the asset  is trading above the 50 and 100 Days Moving Average, with a positive crossover in the future. The 100MA line is near $1.276 and can act as a temporary support of the coin. One can invest in MATIC coin according to the price action and risk adversity

Polygon coin has a market dominance of more than 0.45% and is ranked 19th in the cryptoverse. The coin is down by more than 45% from its all time high. The asset of the coin has a very high ROI and can soon see a new high. The market cap to TVL ratio of the Polygon may soon observe a new high of 1.5. The volume to market cap ratio of MATIC price hints towards a new high in the future.

MATIC Coin Price Hints Towards A Strong Uptrend In Price For The Future

The weekly technical chart of the Polygon price suggests a strong uptrend in price for the future. The price of the coin has seen a downside momentum of 8% in the intraday time frame. The daily chart of the MATIC suggests a weak bullish momentum in price.

 The coin price has formed a bearish engulfing pattern on the daily chart. If the  Polygon price jumps above the threshold of $1.8 then a strong upside momentum till $3 can be seen. The MATIC/BTC pair can also see a new high in the future.

Conclusion

MATIC coin price is currently seeing a downside momentum on the daily chart but can soon revert to the uptrend. MATIC/BTC pair can also see a breakout from the previous resistance in future . One can position their funds in the Polygon as per their risk capacity

Technical Levels

Major Resistance:$1.8

Major Support:$0.5

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