Weak Price Action for Polygon MATIC Despite Ethereum ETF Approval
Despite a surge in the Ethereum-based tokens following the approval of the spot ETH ETF, the Polygon MATIC price has displayed a weak price action over the past six weeks, highlighting a rising disinterest of investors in the Layer-2 (L2) token.
The MATIC coin price has recorded a trading volume of $298.25 Million and a correction of approximately 1% within the past day. Furthermore, it has lost 2.57% over the past week and has a YTD return of -28.30%, suggesting a long-term bearish sentiment for the altcoin in the crypto space.
MATIC Crypto Price Displays A Consolidated Trend
After displaying a sideways trend for the first month, the Polygon price experienced a bullish reversal in its chart, recording a high of $1.29 on 13th March.
However, following this, the bulls lost momentum and recorded a correction of 50.96%, resulting in it hitting a low of $0.60. Since then, the MATIC coin price has traded in a closed range between $0.6325 and $0.7425, highlighting a decreased bullish sentiment.
Despite increased price volatility in the crypto space post-approval of the Ethereum ETF, the MATIC price repeatedly failed to break out of the resistance level at $0.7425, indicating a weak price action for the altcoin in the crypto market.
With a trading price of $0.6965, a circulating supply of 9,907,383,504 MATIC, and a market cap of $6.894 Billion, the Polygon crypto has secured the 18th place in the top 100 cryptocurrencies by market cap.
Polygon Market Sentiments
The EMA 50-day acts as a support to the price chart, highlighting a strong bearish influence for this Layer-2 altcoin in the crypto market.
- The Moving Average Convergence Divergence (MACD) shows a constant decline in the green histogram with its averages recording a bearish crossover in the 1D time. This suggests a negative outlook for the Polygon price in the coming time.
Will MATIC Coin Go Up?
If the bulls regain momentum, the Polygon crypto price will retest its resistance level of $0.7425. Furthermore, if the market experiences a rally, this could result in the MATIC token preparing to test its upper resistance level of $0.890 during the upcoming month.
However, if the bears continue to gain power over the bulls, the MATIC coin price will plunge toward its crucial support level of $0.6325 in the coming time.
