Polygon price analysis continues to remain bearish today, as price dropped as low as $0.578. MATIC has been in a downtrend since the start of this month, after forming a slight uptrend at the end of May. Technical indicators for Polygon suggest price could be in line for further decline towards the $0.50 mark, as bulls seem to have gone missing from the market. Bullish traders are also expected to be cautious with opportunities related to MATIC. Trading volume for the self-proclaimed Ethereum killer fell more than 32 percent over the last 24 hours while price currently trades at $0.59.
The larger cryptocurrency market exhibited mixed results across the board over the past 24 hours, as Bitcoin consolidated above $29,500 and Ethereum above $1,700. Among leading Altcoins, Ripple rose up to $0.39 along with Dogecoin at $0.08. Meanwhile, Cardano dropped slightly to $0.56 and Tron to $0.08. Solana shipped 2 percent to move down to $37.66 while Polkadot rose up to $9.42.
Polygon price analysis: Cryptocurrency heat map. Source: Coin360
Polygon price analysis: Daily chart shows $0.60 level crucial for bulls to rally
On the 24-hour candlestick chart for Polygon price analysis, price can be seen forming a sideways pattern since the 6 percent decline on June 1, 2022. Since then, price has fallen below the $0.60 demand zone which is crucial for bulls to form a rally. The volume indicator also shows no relative display from bulls, which also strengthens the bearish thesis. Price at current trend sits below a decreasing 50-day exponential moving average at $0.61, and any movement upwards will be capped at this point.
Polygon price analysis: 24-hour chart. Source: Trading View
The 24-hour relative strength index (RSI) is steadily moving into the under valued region at 37.77, which is also depicted by the 32 percent drop in trading volume over the past 24 hours. In addition, the moving average convergence divergence curve is forming lower highs above the neutral zone. An invalidation to the bearish sentiment is crucial for MATIC at this point, which could occur if bulls are able to close past the $0.60 mark on the daily chart. If that happens, a rally up to the first resistance point at $0.64 and then $0.75 could also come into play, forming a 30 percent increase from current price.
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