MATIC’s price has been in a bearish trend for the last few days. Over the last week, the coin hasn’t made any progress in terms of price appreciation. MATIC has seen a 22% market increase over the past 24 hours.
It is currently trading at a slightly lower than $1 for Polygon MATIC. MATIC price is currently below $1. Since months, any time that bulls pick up momentum, MATIC was subject to selling pressure.
MATIC cannot invalidate the bearish thesis. It is crucial that MATIC trades at least $1 over a significant time period. Technical outlook for the coin has turned positive however, this positive reading could soon lose steam if buying strength doesn’t remain consistent over the next trading sessions.
MATIC currently has a higher number of buyers than it sellers. MATIC’s price must still overcome a strong resistance of $1. The coin hasn’t been able to break past that resistance for months now. MATIC’s price could drop by $0.74, which would be the price of a rally.
MATIC Price Analysis: Four-hour Chart
Altcoin’s price was 0.92 as of this writing. MATIC prices were trading near their $1 price mark. Bulls tried pushing price towards $1 last month but was stopped by market sellers. MATIC’s overhead resistance was strong at $1.
Altcoin’s current price will drop to $0.73. Then it will fall to $0.68. The chart shows that the MATIC amount traded during the previous session was lower than expected. This indicates a decrease in market selling strength.
Technical Analysis
Polygon’s MATIC price had registered a substantial recovery since the middle of last month. MATIC, despite its recovery had reached the territory of oversold once before it was relisted. It also saw an increase in the number sellers than buyers.
However, selling pressure was still higher at press time.
Relative Strength Index slightly exceeded the 50% mark, which indicates bullishness because buyers outnumbered sellers.
MATIC prices were above the 20 SMA line. Altcoin’s price moved also above 50-SMA. These observations suggest that buyers are driving price momentum.
Altcoin managed to produce mixed signals. MATIC captured the sell signal in its four hour chart. The price momentum and trend reverse are represented by Moving Average Convergence Divergence.
Although there has been a small price rise, the indicator went through a bearish crossover. The red signal bars flashed and indicated that it was showing red. Red signal bars on the chart indicate a sell signal.
Chaikin Money flow is responsible for determining capital outflows and inflows.
CMF soared above the 50-line and reached the positive zone, as it registered a higher level of capital inflows compared to outflows. MATIC must have greater market strength and more buying pressure to reach the $1 mark.
Featured image taken from The Face. Chart from TradingView.com.