Despite a general bullish trend in the crypto market, Polygon (MATIC) is unable to breach the key resistance level at $0.7425.
MATIC has experienced a 6.65% decline in the last 24 hours and a significant 22.01% drop over the last month.
The MATIC token faces bearish signals with a “Death Cross” on the 50/200-day EMA and a declining MACD histogram.
In the midst of a broader bullish wave in the cryptocurrency industry, the Polygon (MATIC) token continues to grapple with breaking through its significant resistance level at $0.7425. This level has proven to be a substantial liquidation point for MATIC, reflecting persistent sell-offs whenever the price approaches this threshold.
Polygon Current Challenges and Market Corrections
Recently, the MATIC price underwent a correction of 6.65% within the last 24 hours, adding to a broader 22.01% decrease over the past 30 days. These figures are part of a more extensive trend, with the year-to-date returns sitting at a negative 27.43%, underscoring a long-term bearish sentiment among investors toward this particular altcoin.
The MATIC token showed promising price activity earlier this year, surging 85.85% from $0.6941 to $1.2900 by mid-March. However, as volatility persisted across the crypto market, this momentum waned, and the token faced significant rejections at higher levels, resulting in a sharp 50.96% correction in its valuation.
Technical indicators paint a challenging picture for MATIC. The token is currently caught between a narrow trading range of $0.6325 and $0.7425, reflecting a growing disinterest among investors.
The Cross EMA 50/200-day has also signaled a “Death Cross,” suggesting bearish sentiment in the near term. Moreover, the MACD indicates a consistent decline in the green histogram, reflecting weak buying and selling pressure, which points to uncertainty in future price movements.
Potential Price Directions for MATIC
Looking ahead, if market conditions can drive Polygon’s price above the crucial $0.7425 resistance level, there could be a resurgence of bullish momentum, potentially pushing the price towards the upper resistance of $0.860 in the coming weeks.
Conversely, if bearish pressures prevail, MATIC may continue to struggle under this influence and could soon retest its critical support level at $0.6325, signaling ongoing challenges for the token in the crypto market landscape.