- MATIC faces strong resistance, struggling to maintain levels above $0.75.
Bearish sentiment prevails as MATIC traded below the Ichimoku cloud and all three moving averages.
As a researcher with experience in analyzing cryptocurrency markets, I see Polygon (MATIC) facing significant resistance and struggling to maintain levels above $0.75 at press time. The bearish sentiment is quite strong as MATIC trades below the Ichimoku cloud and all three moving averages.
As a researcher studying the cryptocurrency market, I observe that at the current moment, Polygon [MATIC] is encountering significant opposition from bearish forces. The bullish momentum appears to be waning in the face of this resistance.
In the past thirty days, the value of Polygon has had difficulty surpassing the $0.75 mark and has been trending downwards. Currently, its price stands at $0.61.
As a crypto investor, I’m closely monitoring the price action of MATIC in the chart below. Multiple times, this token has tried to break above resistance levels set at various prices between $0.66 and $0.75.
As a crypto investor, I’ve noticed that every time the market rallied, there was a significant correction following suit. This pattern suggests that bears are strongly present and exerting downward pressure on prices as they reach higher levels.
As a crypto investor, I’ve noticed that MATIC has shown consistent support at around $0.57 and $0.61. In the past, these levels have acted as a cushion, with buyers entering the market to prevent any significant price drops.
As an analyst, I’ve observed that the Relative Strength Index (RSI) has been oscillating around the 50 level, signaling a equilibrium between the forces of purchase and disposal in the market.
The stock hasn’t reached the oversold level yet (below 30), as its price has not consistently risen and stayed above that point. Alternatively, the stock remains within reasonable buying territory, as it hasn’t exhibited extended periods of downward pressure on its price.
As a researcher studying financial charts, I’ve noticed that the Ichimoko cloud, clearly depicted on the graph, indicated a bearish trend since the price had dipped below it at the current moment.
The graph shows a succession of decreasing peaks and valleys, a textbook sign of a downtrend.
The MACD line was nearly touching the signal line and was situated near the zero line, indicating a weak momentum for both bulls and bears.
MATIC has also seen many double-top formations throughout the past 30 days.
As a crypto investor, observing the market, I noticed that the price had dipped below all three moving averages. This observation underscored the bearish sentiment, implying that the dominant trend was being fueled by the selling pressure from the bears.
MATIC’s derivatives trading volume has declined significantly by 53.14%.
Realistic or not, here’s MATIC’s market cap in ETH’s terms
As a market analyst, I’ve observed that the long-to-short ratio for the BNB pair of MATIC/USDT on Binance currently stands at 3.8852. This figure indicates that a greater number of traders have opened long positions compared to those holding short positions at this moment.
So, more traders seemed to believe in MATIC’s potential to gain i9n the long term.
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2024-06-17 06:15