Polygon Speaker Coin (MATIC) Struggles Below $0.60, Potential Low $0.50 in July
The cryptocurrency market has begun to show signs of stabilization after a week of continuous price declines, bringing a glimmer of hope to investors. However, top altcoins continue to struggle. Ethereum (ETH), the leading altcoin, remains locked in a battle to breach the $3.4k resistance level, dragging other altcoins such as Polygon (MATIC) with it.
MATIC price has shown a downward trend, down 2.03% in the past 24 hours, according to TradingView. This drop is all the more worrying when considering that trading volume is down 37%, indicating a significant drop in investor interest. MATIC has lost 22.40% over the past month and 42.76% year to date.
MATIC price is about to break out
MATIC price has been stuck in a triangle pattern on the daily chart since mid-March. The pattern is approaching a breakout, but the direction remains uncertain. If the token breaks out of the triangle pattern, it could indicate a bullish reversal. Conversely, if it breaks, MATIC could fall to new lows.
Despite the recent decline, MATIC still maintains a respectable position in the cryptocurrency market. With a trading price of 0.5559 USD, a circulating supply of 9.87 billion tokens, and a market capitalization of 5.49 billion USD, it holds the 19th position globally.
Interestingly, technical indicators give mixed signals. The moving average convergence divergence (MACD) shows a decreasing red histogram, indicating continued bearish pressure.
However, bullish convergence in the near future is possible, suggesting a possible price reversal. Additionally, the Simple Moving Average (SMA) is moving towards a positive crossover, indicating increased buying and selling activity.
Price increase or decrease scenario
If the market regains momentum, MATIC could break above the trendline resistance of the triangle and trade in bullish territory. Maintaining this upward trajectory could help MATIC test overhead resistance at $0.690 in the coming weeks.
However, if the bears maintain control, MATIC price could plummet to the critical support level of $0.50 in July. This scenario would be a significant setback for the project and its investors. private.
The direction of MATIC price depends on broader market sentiment and its ability to overcome technical barriers. While the current outlook is uncertain, close monitoring of market forces and technical indicators will be essential to determine MATIC's future trajectory.
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Polygon (MATIC) Struggles Below $0.60, Eyes Low Potential $0.50 in July
