MATIC has recently experienced a bearish breakout, notably from a Rising Wedge pattern, according to a recent analysis from altFINS.
This shift was further emphasized when the price dropped below the critical $0.75 mark, confirming the downtrend. Currently, the price hovers near the $0.50 support level, a significant point that held firm back in June. Given its oversold status, with an RSI below 30, some analysts anticipate a potential near-term bounce. However, the broader consensus within the community is that the overall trend for MATIC remains bearish.
For those unfamiliar, the Rising Wedge is a pattern typically observed after an uptrend. It often hints at a potential bearish reversal of the original uptrend. When the price breaks through the lower trend line, it’s generally expected to continue trending downwards. While some traders might attempt to capitalize on emerging patterns before a breakout, the majority prefer to wait for a fully formed pattern accompanied by a breakout.
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Show more +The trend for MATIC is clear: a downtrend is observed across all time horizons, be it short, medium, or long-term. This sentiment is further supported by the bearish momentum indicators. The MACD Line remains below the MACD Signal Line, and the RSI is consistently below 45.
In terms of support and resistance levels, the nearest support zone for MATIC is at the $0.50 mark. On the flip side, resistance zones are identified at $0.75, followed by the $1.00 level. As the digital asset navigates these critical points, part of the community remains vigilant, setting price alerts and closely monitoring the asset’s movements.
Polygon (MATIC) has seen some fluctuations in its price over the last 24 hours. The cryptocurrency is currently priced at $0.563009. Within this period, it has traded between a low of $0.562667 and a high of $0.580915.
In terms of its recent performance, MATIC has experienced a decline of -2.43% in the last 24 hours and a more pronounced decline of -17.48% over the past week. Despite these recent drops, the community sentiment appears to remain optimistic, with many closely watching its movements and potential for recovery.
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