MATIC Price Prediction: Polygon (MATIC) Investors Are Still Optimistic Despite the Recent Drawdown

Polygon (MATIC) price is in the same dark ditch as most of the other altcoins in the market, still feeling the effects of the recent drawdown.

Polygon (MATIC) price analysis reveals that the token is struggling to break above the crucial $0.50 resistance level. Despite a brief attempt to cross this barrier on July 11, MATIC was unable to sustain the momentum and slipped back below the resistance.

MATIC price closed the day at $0.48, indicating a 0.48% loss in value. However, the token’s performance was better compared to the broader crypto market, as most top 10 coins experienced losses ranging from 2% to 4%.

Overall, MATIC price action remained largely flat on Monday, with the token’s price sandwiched between the immediate support at $0.47 and resistance at $0.50.

On the 4-hour chart, MATIC price formed a descending triangle pattern, which is typically bearish and indicates a potential downtrend continuation. However, the token managed to bounce off the lower trendline of the triangle, displaying some resilience.

Polygon (MATIC) price faces hurdles at key resistance level. Source: TradingView

Technical analysis reveals that MATIC price is facing strong resistance at the 50 Fib level, which coincides with the psychological price level of $0.50.

If MATIC price manages to break above this resistance and close the day above it, we could see a potential move up to the next major resistance at $0.60.

However, failure to break above the 50 Fib level could result in a further decline in MATIC price, potentially invalidating the bullish thesis and sending the token down to the 61.8 Fib support at $0.45.

Relative Strength Index (RSI) for MATIC price is currently in the neutral zone, indicating that the token is not overbought or oversold.

Moreover, the Moving Average Convergence Divergence (MACD) line is above the signal line, indicating bullish momentum, which could support a potential breakout above the 50 Fib level.

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