Polygon (MATIC) Price Struggles Amidst Market Consolidation: Will It Make a Comeback or Plunge to New Lows?
- Polygon (MATIC) price struggles amidst market consolidation, with the altcoin facing a 1.21% drop in the past 24 hours and a 33.42% plunge in trading volume.
- The MATIC price has formed a triangle pattern on the 1D time frame and is on the verge of breaking out, with the outcome remaining uncertain.
- Market sentiments are mixed, with the MACD indicating a potential bullish outlook and the SMA suggesting increased buying and selling pressure.
Polygon’s recent price movement has been characterized by a bearish trend, reflecting a decline in investor enthusiasm for this particular cryptocurrency.
As the market experiences heightened volatility, investors are left pondering whether Polygon (MATIC) will be able to mount a resurgence or if it will continue its downward trajectory, potentially reaching new depths.
MATIC Price Hints at a Potential Bullish Reversal
Despite the prevailing bearish sentiment in the cross-border market, the MATIC price has experienced a 1.21% drop within the past 24 hours, accompanied by a significant 33.42% plunge in trading volume.
Moreover, the Polygon token has lost 21.99% of its value over the past 30 days and has erased 42.24% of its valuation since the beginning of the year.
Interestingly, the Polygon coin price has formed a triangle pattern on the 1D time frame and has been trading within this pattern since mid-March. The altcoin is currently on the verge of breaking out of this pattern, with the outcome remaining uncertain.
With a current trading price of $0.5597, a circulating supply of 9,874,443,895 MATIC, and a total supply of 10 billion MATIC tokens, Polygon has successfully secured the 19th position on the global cryptocurrency list, boasting a market capitalization of $5.535 billion.
The Moving Average Convergence Divergence (MACD) indicator has recorded a consistent decline in the red histogram, suggesting an increase in price action for the MATIC crypto in the market.
Furthermore, the MACD averages indicate a high possibility of a bullish convergence, hinting at a potential bullish outlook.
On the other hand, the Simple Moving Average (SMA) technical indicator is on the brink of experiencing a positive crossover, highlighting an increase in both buying and selling pressure for the Polygon token within the crypto space.
