- MATIC is undergoing a bearish trend after getting its current market price near its monthly high
- The token is underperforming with a reduction of 10.5% over the last week
- However, MATIC saw a positive change of 4.61% in its market price since yesterday
Polygon has been bearish for some time and the minor breakouts are not happening to see a rise but to stabilize the token to avoid further loss. The token with current market domination of 0.42% now suffering from losses and may lose its current market rank too. The market cap and trading volume saw a tiny promotion in their values due to the dip-buying phase. The MATIC/BTC pair is now 0.00002659 BTC, with an increment of 3.76% and the MATIC/ETH pair is now 0.0003755 ETH after an intraday gain of 2.49%. One should know that these volumetric gains were observed during the day trading and can’t influence a trend.
After looking at the 30-minute market chart, one can spot the clarity of having the bearish trend in continuation. The occurrence of an inverted cup and handle pattern before the dip supports the notion of having the bearish momentum on the chart. Even after a minor climb, the market price got reversed by the double top or ‘ bearish inverted double bottom’.
The EMA lines are right now running above the CMP. The 50 EMA and 100 EMA lines are running into each other which is a clear indication of a temporary bearish trend in continuation.
Oscillators are quite clear with their indication of the sale
The above chart shows a longer timeline of MATIC in a 4-hour time frame. It is clear that the token is underperforming since the start of November and one can confirm the same by referring to the MACD graph. The MACD line is below the zero level and just above the signal line, but overall observation of MACD puts MATIC into the bearish trend and suggests selling the asset and entry when the price stabilizes at the bottom. The RSI is currently neutral but went into a chaotic oversold zone multiple times before which shows how weak Polygon currently is in the market.
The resistance is at $1.667 and $1.766, and the support level is at $1.496.
Conclusion- MATIC is underperforming and one can expect the token to dive down further to $1.3 before attempting another bullish rally. However, the current owners can hold onto their assets and wait for another positive climb that helps Polygon soar high. Nonetheless, it is purely an investor’s decision and responsibility to assess the current market situation and trade assets.
Resistance- $1.667 and $1.766
Support- $1.496