MATIC struggles to break past $0.75: Is $1 a pipe dream?

  • MATIC is facing strong resistance, struggling to maintain levels above $0.75.
  • Bearish sentiment prevails as MATIC is trading below the Ichimoku Cloud and all three moving averages.

ribbed [MATIC] It was facing strong resistance at press time, with bearish sentiment taking over the market bulls.

Over the past 30 days, Polygon’s price has fallen Resist To remain above $0.75, it is experiencing a downward trend that has seen its value fall to $0.61 at press time.

The chart below shows multiple instances of MATIC attempting to break through identified resistance levels at intervals from $0.66 to $0.75.

Despite these efforts, each rally was met with a sharp reversal, indicating strong downward pressure at these high price points.

Source: Trading View

On the downside, MATIC has established clear support around the $0.57 and $0.61 marks. These support levels are areas where buyers have historically intervened, preventing further declines.

The Relative Strength Index fluctuated around the 50 mark, indicating a balance between buying and selling pressures.

However, it did not venture into the overbought zone (above 70), which is consistent with a lack of sustained upward momentum in the price.

Source: Trading View

The Ichimoku cloud, visible on the chart, indicated a bearish outlook as the price moved below the cloud at press time.

The chart above revealed a series of lower highs and lower lows, a classic indicator of a downtrend.

The MACD line was close to the signal line and hovering around the zero line, which means there is a lack of strong momentum from the bulls or bears.

Source: Trading View

MATIC has also seen several double top formations over the past 30 days.

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The price was below the three moving averages, which reinforced the bearish outlook by indicating that the overall trend was largely driven by bears.

Source: Coinglas

MATIC’s derivatives trading volume decreased significantly by 53.14%.

Realistic or not, here is MATIC’s market cap in ETH terms

Long/short ratio on Binance [BNB] MATIC/USDT was trading at 3.8852 at press time, indicating that more traders are holding long positions than selling.

Therefore, it seems that more traders believe in MATIC’s ability to generate gains in the long term.

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