Polygon (MATIC) Faces Potential Further Declines as Market Sentiment Remains Bearish

NAIROBI (CoinChapter.com)— Polygon (MATIC) recently dropped below the $0.5 previous support level, which now serves as immediate resistance.

As of August 6, 2024, Polygon (MATIC) is trading down 3.77% at $0.3989, facing selling pressure from a descending trendline.

The Fibonacci retracement levels show key resistance zones. MATIC faces hurdles at $0.4814 (61.8% Fibonacci retracement) and $0.5206 (78.6% Fibonacci retracement). If it breaks above these levels, it could test the psychological $0.70 mark.

The Relative Strength Index (RSI) is at 37.28, suggesting MATIC is near the oversold territory. This reading could imply a potential reversal if buying pressure increases. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover, with the MACD line below the signal line.

Support lies at $0.327, which is a crucial level for maintaining upward momentum. A break below this could trigger further declines, potentially targeting the $0.20 mark. Resistance stands firm at the trendline and the $0.48 to $0.52 range.

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