Polygon (MATIC) Uptrend Stumbles, Holders Back in Losses After Brief Relief

Unlike many altcoins, Polygon (MATIC) struggles to keep up with its recently-found uptrend. MATIC tested $0.55 in the early periods of July 16.

Polygon (MATIC) price had finally shown signs of life last week after enduring a long period of dull price action. The cryptocurrency encountered difficulties rising past the $0.57 resistance.

After rising to highs of $0.54 on July 15, MATIC encountered a wave of selling pressure at $0.57, leading to a retracement from these levels.

At the time of writing, the cryptocurrency is trading at $0.52, showing a 3.6% loss over the past 24 hours and a 10.3% gain over the past seven days.

MATIC price struggles to break out from $0.57 resistance on the daily chart.

MATIC price finally showed signs of life last week after enduring a long period of dull price action. The cryptocurrency encountered difficulties rising past the $0.57 resistance.

After rising to highs of $0.54 on July 15, MATIC encountered a wave of selling pressure at $0.57, leading to a retracement from these levels.

At the time of writing, the cryptocurrency is trading at $0.52, showing a 3.6% loss over the past 24 hours and a 10.3% gain over the past seven days.

MATIC price had finally shown signs of life last week after enduring a long period of dull price action. The cryptocurrency encountered difficulties rising past the $0.57 resistance.

After rising to highs of $0.54 on July 15, MATIC encountered a wave of selling pressure at $0.57, leading to a retracement from these levels.

At the time of writing, the cryptocurrency is trading at $0.52, showing a 3.6% loss over the past 24 hours and a 10.3% gain over the past seven days.

A closer look at the daily chart reveals that MATIC price had tested the key support of $0.47 on July 5, and this was instrumental to the extended formation to $0.54 seven days later.

However, the token finds it challenging to reach $0.57 due to a lack of substantial liquidity, as indicated by the Money Flow Index (MFI). The MFI reveals the flow of money in and out of a cryptocurrency.

If it increases, it means there is enough capital deployed to push prices higher. However, a decrease in the MFI indicates otherwise.

From the chart below, the indicator has been unable to cross over the neutral line, indicating that bulls have lowered their commitment to driving the Polygon native token higher.

MATIC price drops below key range support, what next?

If this remains the case, MATIC’s price may slip below $0.50, possibly declining to $0.47 again in the process. Given the token’s market structure, the next move could be range-bound between $0.47 and $050.

However, a close above $0.53 may invalidate this prediction. Should liquidity into the token increase, MATIC could rebound, possibly leading to a breakout toward $0.64.

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