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- 1 MATIC price (MATIC) is down by 3.68% in the last 24 hours and is currently trading at $0.5536.
- 2 Polygon price (MATIC) slid down to the previous demand zone after it failed to break above the trendline resistance.
Polygon (MATIC) is a platform that enables Ethereum scaling and development with ease. It allows the building of various types of applications using Polygon SDK, a flexible and modular framework. Polygon is the new name of Matic Network, which was rebranded in 2021.
The MATIC price is currently trading at $0.5536 with a decline of 3.6% in the past 24 hours. Polygon holds a total market cap of $5.15 Billion and ranks 13th in the crypto market.
The MATIC token has a trading volume of $277.844 Million with an incline of 21.77% over the past 24 hours. Matic has over 9.31 Billion tokens in circulating supply. The volume-to-market cap ratio of the Polygon token is 5.37% indicating low volatility in the market.
MATIC Price Seeking For Buying Volume To Halt The Declining Price
MATIC price has been falling since it reached a peak of $1.5 in February 2023. The price has dropped by almost 60% and made lower highs. The price also faced resistance from a trendline that rejected the price several times and dragged the price down.
Recently, the price bounced back from the previous support zone and rose higher, but met selling pressure near the trendline and fell again. Currently, the price is trading at $0.553 and is now close to the previous demand zone.
Analysts say that the price could show a rise if it breaks above the trendline resistance. The short-term outlook of the price prediction suggests that the price will consolidate if it finds support from the buyers near the support level. Otherwise, the short-term outlook is bearish while the long-term trend is already bearish.
Technical Indicators Showing Weakness Over The Daily Chart.
The EMA analysis of the Polygon price states that the price failed to sustain above the 50 EMA indicating a lack of buying volume in the market and the weakness in the coin. The Price is already trading below the 200 EMA indicating a long-term weakness prevailing in the market.
The RSI Value is 23.31 and the SMA line is 34.55. RSI has entered an oversold zone indicating that the price may halt or take a pullback before falling further.
Conclusion
MATIC price prediction concludes that the price is down by 3.6% in 24 hours and trades at $0.5536. It has a market cap of $5.15 Billion and ranks 13th in the crypto market. MATIC price has been declining since February 2023 and faces resistance from a trendline. Analysts say that the price could trend if it breaks the trendline, otherwise, it will consolidate or fall.
Technical Levels
- Support levels: $0.535 and $450.
- Resistance levels: $0.906 and $1.044.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
