- Matic price (MATIC) slid 0.85% on the past day and is currently trading at $0.691.
- Plygon price (MATIC) has declined by nearly 6.1% in the past 1 month and corrected suffering resistance from upper levels.
Polygon (MATIC) is a Layer 2 solution that aims to improve the scalability and speed of blockchain transactions. Polygon uses a modified version of Plasma, which relies on proof-of-stake checkpoints on the Ethereum main chain. This allows each sidechain on Polygon to process up to 65,536 transactions per block.
The Matic price is currently trading at $0.691 with a decline of 0.85% in the past 24 hours. As per Coinmarketcap data, MATIC cryptocurrency holds a total market cap of $6.449 Billion and ranks 11th in the crypto market.
MATIC token has received $275.7 Million in volume in the past 24 hours which is 9.49% less than the last day. MATIC has over 9.31 Billion circulating supply. The volume to market cap ratio of MATIC coin is 4.27% indicating low volatility in the market at the current time.
Matic Price Prediction Using Price Action Strategy
MATIC coin price showed a downward trend for the past three months by making lower lows and highs, decreasing by 17.65% during this period. At the time of publication, the MATIC Coin price is trading at $0.69251.And the price took a recent support from $0.65144 and consolidating.
Therefore, if the MATIC Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.72067 and $0.78822.
However, the MATIC coin price could continue to move downwards and reach the nearest support at $0.65144 and $0.59910. If it fails to maintain the current level.
Matic Price Analysis Using Technical Indicators
At the time of publishing, the MATIC coin price (BITSTAMP: MATIC) is trading below the 50, and 200-day EMAs (exponential moving averages), which are rejecting the MATIC Coin price trend.
Hence, MATIC Coin price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The current value of the RSI is 47.60 points and the 14-day SMA at 43.24 points, which indicates neutral sentiments in the market for the MATIC coin.
Conclusion
MATIC coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding MATIC coin in the daily time frame. Moreover, the technical parameters of the Polygon price suggest the continuation of the downtrend over the daily time frame chart. Major trustworthy indicators MACD, RSI, and EMA, provide negative signals regarding the MATIC coin price.
Technical Levels
- Support levels are $0.65144 and $0.59910.
- Resistance levels are $0.72067 and $0.788222.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.