Polygon Price Prediction: Most of the major cryptocurrencies are witnessing uncertain market sentiment as Bitcoin price struggles to maintain above $65,000. However, some altcoins have been more negatively affected, including Polyong (MATIC), resulting in sharp corrections since last week. From weekly resistance at $0.778, the coin’s value has declined by 15% and is currently trading at $0.658. Will overhead supply push this downward trend below $0.6?
Also read: Bitcoin price: BTC faces $2.7 billion liquidation if price reaches this level
Will the $0.656 level hold as the correction continues?
MATIC, the native cryptocurrency on the Polygon network, has been trading for more than a month, with the price spread capped within the $0.77 to $0.588 level. As the broader market is still consolidating, significant price movements on the daily chart indicate that there is no clear momentum towards the asset from the bulls or bears.
With an intraday loss of 1.3%, MATIC price extended the general correction trend to current traders at $0.656. If the sell-off continues, the altcoin could fall another 8% and reach the lower trendline of the symmetrical triangle pattern.
This chart pattern, which includes two converging trend lines, has been active since April 22nd and is leading a long-term sideways trend in Polygon Coin. However, according to historical data, the coin price witnessed new demand pressure in the downtrend, enough to recover the upper limit.
Therefore, a potential decline could provide an introductory opportunity this year and assist buyers within the $1.15 mark. However, a bullish recovery could face resistance between $0.77 and $0.953.
That being said, a breakout from the triangle formation may be needed for Polygon price to lead to a sustained bullish trend.
technical indicators
- BB indicator: The narrow range of Bollinger Bands indicates the increased volatility of this asset.
- MACD: A possible crossover of the MACD (blue) and signal (orange) lines below the midline indicates active supply pressure and could drive further declines in MATIC. there is.
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