Altcoins Losing Momentum As Bearish Clouds Gather! Crucial Time To Invest In MATIC?

The post Altcoins Losing Momentum As Bearish Clouds Gather! Crucial Time To Invest In MATIC? appeared first on Coinpedia Fintech News

The Polygon token continues to display a bearish move as the price has been constantly trading in the red for a while. Further, the MATIC price has recorded a correction of over 2% within the past day and has lost over 10% during the past week, indicating a strong bear power in the crypto market.

The Polygon’s MATIC token traded in a closed range between $0.8271 and $0.8678 for a while, following which the market gained momentum and the price broke out of the resistance level. The MATIC jumped over 22% in valuation, before facing rejection at $1.0611.

After this, the token recorded a correction of approximately 11%. The price then traded sideways between $0.9458 and $1.0207 for a while. As the market volatility grew, the Polygon price experienced a loss of over 15%.

TradingView: MATIC/USDT

After recording another correction of 8.5% and testing its low of $0.7572, the MATIC price attempted a breakout but the rally was short-lived as the price faced rejection at $0.8271, resulting in it erasing its major gains from the pump.

Following this, the token experienced another jump of 19.5% in valuation, after which, it faced rejection at $0.9458. After multiple attempts to break out from the resistance level, the bulls lost momentum and started trading under a bearish influence.

Recently, the Polygon token has experienced a Death Cross, resulting in a bearish price action in the market.

Will MATIC Price Regain $1 Soon?

The MACD displays a constant red histogram, indicating a strong bearish influence in the market. Further, the averages show a constant decline, suggesting the price will continue losing value in the coming time.

If the bulls push the price above the resistance level of $0.8271, the MATIC price will regain momentum and test its upper resistance level of $0.8678 soon. Moreover, if the market holds the price at that level, the Polygon price will attempt to test its resistance level of $0.9027 by next week.

Negatively, if the bulls fail to break out, the Polygon token will fall to test its support level of $0.7911. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.7572 in the coming days.