MATIC Price Tumbles to 30-Day Low, $0.95 Support Level Critical
The Polygon (MATIC) market has been under the bear reign over the past 24 hours, as the day’s initial surge to an intraday high of $1.09 quickly fizzled. Because bulls were unwilling to break through the resistance, the MATIC price fell to a 30-day low of $0.9653. Investors in MATIC should keep an eye on the $0.95 support level due to the choppy nature of the market.
If the support level is broken, MATIC could see further losses, potentially reaching $0.90. The bearish control has persisted, and the MATIC price is currently at $0.965, down 7.65% as of writing.
Despite a spike in 1-day trading volume of 33.95% to $789,322,287, market capitalization fell 7.81% during the recession to $8,416,412,496. The bearish control may be to blame for the slump in market capitalization during the recession, which shows investors have lost faith in MATIC. However, the increased volume of trades suggests that some investors may view this as a bargaining opportunity.
MATIC/USD 1-day price chart (source: CoinMarketCap)
On the MATIC/USD price chart, Keltner Channel bands are moving south, with the upper band at 1.078 and the lower band at 0.979, indicating that the price of MATIC/USD is currently in a downtrend and may continue to fall soon.
Before entering long positions, traders may consider short positions or wait for a potential reversal signal. The price action movement below the signal line indicates that bearish momentum prevails in the market, which could lead to further price declines in the near term.
The bearish outlook is strengthened as the Average True Range (ATR) moves south with a reading of 0.024, indicating that the market is experiencing low volatility and may continue to experience downward pressure soon. This move strengthens the sell” signal for traders looking to capitalize on the bearish trend and potentially profit from market short positions.
The reading of 32.38 on the Money Flow Index (MFI) indicates that selling pressure is increasing, potentially leading to further price declines soon. Traders may consider placing stop-loss orders to manage risk if the market turns against them.
This MFI trend below 40 indicates that money flowing in is decreasing and may indicate a potential downward trend, emphasizing the importance of traders implementing stop-loss orders to protect their investments.
MATIC/USD price chart (source: TradingView)
Since the Klinger Oscillator is trending below its signal line with a reading of -83.879, the MATIC market’s bearish momentum may continue in the short term. This move presents a buying opportunity for traders looking to enter the market at a lower price point, but traders should proceed with caution because the long-term trend remains uncertain.
The Know Sure Thing (KST) reading of -89.8530, movement south and below its signal line, support the sell” recommendation for MATIC, indicating that the bearish momentum will likely continue soon.
On the other hand, Daring traders may consider waiting for a potential bullish divergence or a significant support level before entering a long position, as oversold conditions may result in a short-term bullish reversal.
With a stochastic RSI reading of 9.07, the bearish momentum in the MATIC market appears to be strong, indicating that those considering a long position should exercise caution. However, because overbought conditions are apparent, a short-term price correction or consolidation may occur before the downtrend resumes, allowing traders to enter short positions.
MATIC/USD chart (Source: TradingView)
Polygon (MATIC) investors should remain cautious as the bearish trend persists. Traders may consider short positions or wait for a potential reversal signal while implementing stop-loss orders to manage risk.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at email@example.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.