Bears still dominate the MATIC market; are bulls losing steam? The previous day, MATIC prices dropped 5.47% of their total value. MATIC saw resistance at $0.9427 and support at $0.872.
In the past 24 hours, Polygon (MATIC) has experienced bear control, dropping 5.47%. When this article became public, the value of the digital currency was $0.889. This downward trend supports a 6.21% decline in market capitalization to $7,718,708,825 and a 16.33% decline in trading volume over 24 hours to $511,846,729, respectively.
A Look Into the Technicalities
When a “Strong Sell” signal occurs on the 4-hour price chart with a value of -0.56, the Technical Rating indicator, which displays an order for a short position, attests to rising selling pressure in the MATIC market. A crossover below the “0” generates a sales signal. Moreover, a selloff means a dropping BOP line, bear control in MATIC is about to take hold.
Its downward track, which suggests that sellers will triumph, supports this theory. However, a reading close to the zero line denotes that the two are in balance and might predict a reversal, as seen on the 4-hour price chart with the BOP reading at -0.59. The Moving Average Convergence Divergence (MACD) indicator strengthens the durability of the present trend with a value of -0.0195, moving below the signal line and into the negative territory.
With a value of -0.1648 (nearing -0.4), the Relative Volatility Index (RVI) bearishly crosses into the negative zone and below the signal line, suggesting that the market is going toward oversold levels and bearish domination. A reading of 12.43 on the Stoch RSI shows that the MATIC market is oversold and that a turnaround may be imminent since, at this point, the Stoch RSI suggests that the prior trend is about to come to an end. It does not, however, imply that the price change will happen soon.
In conclusion, the bulls must maintain the resistance level and raise prices to halt the MATIC trading pattern’s downward trend.