$MATIC Struggles to Break Past $0.75: Is $1 a Pipe Dream? - AMBCrypto Analytics

Over the last 30 days, Polygon’s price has struggled to stay above $0.75, experiencing a downtrend that has seen its value drop to $0.61 at press time.

The chart below shows multiple instances of MATIC attempting to breach resistance levels marked at intervals from $0.66 to $0.75.

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

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 stepped in, preventing further declines.

The RSI has fluctuated around the 50 mark, indicating a balance between buying and selling pressures.

However, it hasn’t ventured into overbought territory (above 70), which aligns with the lack of sustained upward momentum in the price.

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

The chart above revealed a series of lower highs and lower lows, a classic indication of a bearish trend.

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