Polygon (MATIC) Faces Major Hurdle at $0.75 Amid Prevailing Bearish Market !!

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Polygon (MATIC) is currently navigating through a challenging period as it faces strong resistance and bearish sentiment, hampering its efforts to break higher price levels. Over the last 30 days, MATIC’s price has been unable to sustain above $0.75, resulting in a decline to $0.59 at press time.

MATIC’s attempts to breach resistance levels between $0.66 and $0.75 have consistently been thwarted by bearish pressure. Each rally met sharp reversals, signaling strong resistance from sellers at these higher price points.Despite the bearish outlook, MATIC has established clear support around $0.57 and $0.61. These levels have historically seen buyer activity, preventing further declines. However, the price remains below all three major moving averages, reinforcing the bearish sentiment in the market

MATIC’s derivatives trading volume has seen a significant decline of 53.14%, reflecting reduced activity in the market. This decrease in volume could be indicative of waning interest from traders and investors during this period of uncertainty.

On Binance, the long/short ratio for MATIC/USDT stands at 3.8852, suggesting that a larger number of traders hold long positions compared to short positions. This ratio indicates a belief among many traders in MATIC’s potential for long-term gains despite the current bearish conditions

On the positive side, on-chain metrics show promising signs for MATIC. Network growth has increased significantly, indicating a growing number of new addresses accumulating interest in MATIC. This rise suggests that new users are willing to buy MATIC at the current reduced prices

Additionally, the velocity of MATIC trading has grown, reflecting an uptick in the frequency of trades. Despite this positive on-chain activity, larger addresses holding more than 10,000 MATIC tokens have been selling their holdings. The recent growth in MATIC’s price has been driven primarily by retail interest