Polygon Price Analysis: MATIC Crypto Price Might Break To A New Low

• MATIC coin price is currently seeing a bearish momentum on the daily chart and can soon revert to the uptrend. Meanwhile, Polygon price has seen a loss of more than 0.22% in the intraday session
• Technical indicators of Polygon price suggest a bearish momentum in price. Meanwhile, MATIC/BTC pair has seen a loss of more than 1.4% in the past 24 hours

MATIC crypto price is currently seeing a downtrend on the daily chart which can push it to a new low. Polygon price has seen a gain of more than 1.8% and is trading near the value of $1.37. MATIC price upside trend can see a halt near the value of $1.5. In contrast, the bounceback region in the price can be observed near $1. The price of the asset  is trading above the 50 and 100 Days Moving Average, but can soon see a breakdown below the 50MA. The 100MA line is near $1.2, making it a temporary support for the price. One can invest in MATIC as per their needs and price action.

Polygon coin market dominance along with the CMC ranking has seen a decline in the past. The coin has to cover more than 40% to jump above all time high . The asset of the coin has a very high ROI which has benefitted various kinds of investors. The market cap to TVL ratio of the Polygon is also seeing an increase in the past few weeks. The volume to market cap ratio of MATIC suggest a strong upside momentum in price.

MATIC Crypto Price Technical Indicators Suggests A Strong Bullish Momentum

The weekly technical chart of the Polygon price hints towards a strong upside trend in the future. The price of the coin has observed a gain of more than 2% in the last week. The daily chart of the MATIC hints at a downtrend in price.

 The coin price is forming a bearish pattern on the daily chart . If the  Polygon price jumps above the threshold of $1.8 then a strong bullish trend can be seen. The MATIC/BTC pair can also observe a new high in the future.

Conclusion

MATIC crypto price suggests a weak bearish trend in price for the future. MATIC/BTC pair can also observe a new high in the future . One can position their funds in the Polygon as per their needs

Technical Levels

Major Resistance:$1.8

Major Support:$0.5

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