Polygon’s (MATIC) Price action is currently ‘under pressure’ according to YG Crypto, a top analyst. YG noted that MATIC’s price has broken below the crucial support zone of $0.52 – $0.53. This shift has transformed the support into a formidable resistance, indicating potential further downside. The breached trendline also signals possible additional declines.
MATIC Under Pressure #MATIC is facing a tough test! The price has broken below the crucial support zone of $0.52 – $0.53, transforming it into a formidable resistance. This breakdown coupled with the breached trendline signals potential downside. Let's wait for the… pic.twitter.com/yDjJwCltKj
— YG crypto (@ygcrypto) July 18, 2024
Polygon’s Price Action
Per data from CoinGecko at press time, MATIC trades at $0.5114. The daily trading volume is at $291,641,556. This represents a 3.75% dip in the last day, contrasting with a 2.78% increase over the past week.
YG Crypto emphasized the importance of awaiting the daily candle closure. This will confirm the bearish move and help identify potential entry points for a short position on MATIC.
He also stressed the need for thorough research before making any investment decisions, highlighting the nature of the crypto market.
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Show more +Show less – MATIC’s Technical Analysis Insights
The breakdown below the $0.52 – $0.53 support zone is a key event. This area had acted as a strong support, preventing further declines. With this level now acting as resistance, MATIC faces increased selling pressure.
Additionally, the breached trendline further reinforces the bearish outlook. This technical indicator, combined with the new resistance level, suggests a challenging period ahead for MATIC. He advises traders to remain cautious and informed about market developments.
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Market Sentiment and Future Outlook
Market sentiment around Polygon (MATIC) is currently bearish, as indicated by the recent price movements. The price decline and the new resistance level create an uncertain environment.
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