MATIC trading volume is up 136% in the past 24 hours.
Polygon plummets to 21st place, overtaken by Litecoin.
The market has been concurrently bearish today, with the largest cryptocurrency, Bitcoin, hitting a two-month low of $57,800. As is traditionally the case, prominent altcoins also experienced major declines. Ethereum is down 4%, Solana has dropped 9%, and Polkadot has fallen by 7%. However, Polygon (MATIC) has drawn attention by losing its top 20 crypto status to Litecoin, now sitting at the 21st position.
Polygon, one of the most prominent altcoins, has been underperforming recently. MATIC, hours ago hit a nine-month low of $0.5058 with price going down 7%. Conversely, its trading volume has surged 136% in the past 24 hours. It is currently 82% below its all-time high, which was reached three years ago. And worth mentioning is that it is down 26% over the past month.
Notably, MATIC reached $0.5148 sixteen days ago, and the bulls significantly recovered yesterday, trading at $0.5740. However, they struggled to maintain this momentum amid the bearish market sentiment. The daily RSI is at 35, indicating that MATIC is facing selling pressure, with its supply on exchanges increasing.
Meanwhile, analysts suggest that investors can expect a bullish reversal as the altcoin is formed falling wedge pattern on the daily chart. If the anticipated bull run breaks out in the upcoming weeks, the price is predicted to be 70%-80% up from the current price.
Will MATIC Bulls Change the Tide?
The daily chart of MATIC confirms the bearish trend, with the 9-day EMA at $0.5501. Analyzing MATIC’s trajectory, it is trading below the critical support level of $0.5314, and the bears have pushed it down to $0.5006.
MATIC Price Chart, Source: TradingView
For MATIC bulls, sustaining momentum is crucial. The next significant milestone lies at the $0.6292 mark, with $0.6692 also in sight if there is an upward trend.
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