- MATIC’s value fell by 3.67% in the last 24 hours to $0.8777.
- Technical indicators suggest that the Polygon market may witness greater adverse domination.
- During the slump, MATIC price found support around $0.8767.
Short-lived bullish rallies in Polygon (MATIC) have been wiped out as bears take back the market, pushing prices down to $0.8777, a decline of 3.67%. The intraday low of $0.9007 served as support for bulls during the recession after they encountered resistance near $0.9178.
This decline is caused in part by a drop of 1.11% in market capitalization and a drop of 28.64% in 24-hour trading volume, to $7,876,897,489 and $213,585,386, respectively. In a downtrend, this decreasing volume could mean that a change is coming soon and that now it is a good time to buy.
MATIC/USD 24-hour price chart (source: CoinMarketCap)
As the 5-day MA drops below the 20-day MA, a bearish crossover pattern is formed. The 5-day moving average is now at 0.9057, while the 20-day MA is at 0.9085. On the 2-hour price chart, the bearish engulfing candlestick shows that the bears are still in charge.
The Bull Bear Power (BBP) indicator that is going south signals that the market is likely to continue its present downward trajectory. This bear strength is increasing, and its bearish trajectory, as indicated by a score of -0.0352, alerts investors to an impending deeper market run.
MATIC/USD 2-hour price chart (source:TradingView)
The MACD blue line’s descent below the signal line, which has a value of -0.0052, supports this downtrend (negative). The histogram’s and MACD line’s bearish trend, which reinforce this drop, dim investors’ hopes for a probable turnaround.
According to the Williams alligator, the three lines are displaying a negative trend as they flow downstream with a closed mouth. Because the blue line is above the red line and the red line is above the green line, the present trend in the MATIC market will continue until bulls invalidate it.
Blue (jaw), red (teeth), and green (lips) lines intersect at 0.9106, 0.9078, and 0.9052, respectively. This bear run is supported by price movement below the alligator’s jaws, which indicates that bearish dominance will continue.
MATIC/USD 2-hour price chart (source: TradingView)
Bulls must fight to maintain the resistance level and keep prices afloat if the negative trend in the MATIC market is to be falsified.
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