altcoin While the market is struggling with fluctuations, it continues to struggle to overcome resistance levels. This indicates that there is a strong bearish effect on the crypto market.
On the other hand, top tokens are showing bullish movement, indicating a high likelihood of a potential altcoin rally soon.
polygon The price made a positive start to the new year by regaining the 1 dollar level. However, the rally was short-lived as the bears overwhelmed the bulls. Therefore, it caused a decrease in value of approximately 19%. After this, MATIC token remained flat for a while. This indicated weak price action for the coin.
Crypto As market volatility increased, the price dropped further, recording a further decline of 8.5%. However, the bulls kept the price above this level, causing a rebound. After trading sideways for a while, the bulls gained momentum and recorded a nearly 20% jump in the valuation before being rejected at $0.9458.
Following these, the price traded in a continuously descending channel pattern, reflecting a strong decline in the market. After testing the low at $0.7572, the bulls attempted a breakout. However, the bears pulled the price back, causing a crash.
Koinfinans.com As we reported, MATIC coin price traded between $0.7032 and $0.7572 for a while. Then, the bulls gained momentum and the price broke out from the resistance level at $0.7572.
Since then, the price has been trading in a closed range between $0.7572 and $0.8271, indicating weak buying and selling pressure in the market.
Will MATIC Price Reclaim 1 Doo This Month?
The Moving Average Convergence Divergence (MACD) registers a neutral trendline, highlighting that buying and selling pressure in the market is decreasing. Additionally, the averages will show an upward trend and MATIC It indicates a positive price movement for their tokens.
If Polygon price breaks out of the $0.8271 resistance level, it will gain momentum and test the upper resistance level at $0.8872 during the weekend. Moreover, if the market holds the price at this level, MATIC price will be poised to test the $0.9458 resistance level during the next week.
Conversely, if the bears overcome the bulls, MATIC coin will lose momentum and fall to test the $0.7572 support level. Moreover, if the bears continue to dominate the market, they will prepare and test the lower support level at $0.7032 in the coming days.