The Current State of the Cryptocurrency Market
The cryptocurrency market has experienced a significant correction of 6.50% in its valuation within the past 24 hours, marking it as the most substantial correction in recent weeks. Notably, Bitcoin, the market leader, has seen a loss of approximately 7% within the same timeframe.
Polygon Price Analysis
The Polygon price has undergone a correction of about 9% over the past 24 hours and 1.5% in the last seven days, signaling a bearish trend for the crypto token in the market. However, it’s worth noting that the MATIC token has surged by 33.77% over the past 30 days, suggesting a bullish outlook in the long term.
Polygon Price Trend Towards Retesting Support at $1
The MATIC price traded within a consolidated range of $0.9002 to $1.0234 briefly, showing significant fluctuations in the chart. Despite a breakout of the resistance level amid increased market volatility, the rally was short-lived, resulting in a neutral trend for the following days.
- After reaching a peak of $1.1502, the bullish momentum waned, leading to a 16.65% loss.
- Subsequently, after testing a low of $0.9586, the bulls regained momentum, leading to a 22.57% surge.
- However, momentum was lost just above the $1.1502 resistance level, followed by a period of sideways trading.
Technical Analysis and Predictions
The Moving Average Convergence Divergence (MACD) indicates a continuous decline in the red histogram, signaling increased selling pressure in the crypto industry. Additionally, the averages depict a significant downtrend, suggesting a potential further decrease in price.
Price Projection
If the market sustains the price above the $1.1502 support level, bullish momentum is likely to return, with a potential retest of the $1.2184 resistance level during the week. Moreover, a continued bullish sentiment could pave the way for a test of the upper resistance level at $1.2847 over the weekend.
Conversely, if bears maintain control, the Polygon price may decline to test the $1.0796 support level. Further bearish pressure could lead to a plunge, with a critical support test at $1.0234.
