For days, the trading price of Polygon (MATIC) has continued experiencing constant dips. Polygon’s trading price has been experiencing a bearish trend and the situation is still the same. Even today, the trading price of MATIC is moving in the bearish zone.
The price chart shows that the trading price of Polygon has dropped to $0.578. The situation for MATIC hasn’t been any good since the beginning of the month. It has been demonstrating the downtrend movement ever since it stepped foot in June.
Current Situation of MATIC
Towards the end of May, MATIC did manage to form a rally. The report shows that it witness an uptrend but its price fell at a significant rate. The technical analysis surrounding MATIC suggests that it may experience a downtrend in its price in the upcoming days.
This means that the price of MATIC may continue declining. It may reportedly fall deeper where it may end up hitting its trading price of $0.50. For now, the bulls are low on confidence due to the overall condition of the cryptocurrency industry.
They are hesitant and are not going for purchases MATIC. The bulls currently have no intentions of becoming part of the trend. They do not even want to try and form a rally as they fear for heavy losses due to the strong selling power of the bears.
At the time of writing, the trading price of MATIC is $0.59 and in the past 24 hours, it has lost 32% of its total trading volume.
The Candlestick Chart
Polygon’s candlestick chart shows that a sideways pattern is being formed since the beginning of June. The pattern is supporting the bearish trend and the downward movement. Right from the beginning of June, MATIC’s price has continued dipping, which is why it has fallen below $0.60.
At the time of writing, MATIC’s price is below $0.61, which is the 50-day EMA. The performance analysis suggests that MATIC won’t make much progress if the bulls are able to launch a bullish rally.
In this particular case, the bulls may try and escalate the price of MATIC up to $0.64. The particular mark is considered the resistance zone where the bears may pose a great challenge for the bulls.
If a miracle happens and the bears decide not to fight the bulls, then the price of MATIC may surge to $0.75.
The Price of MATIC to Dip to $0.50
It is highly likely that the bears may not let the bulls run the rally. If things turn out as expected, then MATIC’s price may start moving in the lower direction. The investors may start losing their confidence, giving way to a strong selling spree. In this particular case, MATIC’s price is expected to dip to $0.50.