Polygon (MATIC) Faces Potential Further Declines as Market Sentiment Remains Bearish-web3.0-php.cn

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

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Aug 07, 2024 pm 03:38 PM

Polygon (MATIC) Bearish Pressure $0.5 Barrier

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

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

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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