Important Support Level for MATIC Price Has Been Broken! Can MATIC Price Recover?

  • The cryptocurrency is currently trading below the $0.54 support level. Falling below $0.54 would be a negative signal.
  • Over time, investors have accepted lower prices to exit Polygon, and the cryptocurrency is in a long-term descending trend channel.
  • Medium-term analysis suggests further decline and is negative for the cryptocurrency. Long-term analysis predicts more decline for Polygon.

Polygon (MATIC) price has fallen below the critical support level at $0.54; These resistance levels will be important for MATIC price to rise again!

Short-Term MATIC Analysis

matic-usdt-short-term
MATIC/USDT

Polygon (MATIC) has broken the short-term descending trend, indicating initially a slower descent or the beginning of a more horizontal movement. The cryptocurrency is currently trading below the $0.54 support level. Falling below $0.54 would be a negative signal. Volume has been high at price peaks but low at price troughs, which strengthens the cryptocurrency. From a short-term technical perspective, the cryptocurrency is considered slightly positive.

Medium-Term MATIC Analysis

matic-usdt-medium-term
MATIC/USDT

Polygon (MATIC) has surpassed the upper boundary of the medium-long term descending trend channel. This indicates initially a slower descent or the start of a more horizontal development. There is no support found on the price chart, suggesting further decline. In the event of a positive response, the cryptocurrency has a $0.59 resistance level. In the medium-long term, the cryptocurrency is considered negative from a technical perspective.

Long-Term MATIC Analysis

matic-usdt-long-term
MATIC/USDT

Over time, investors have accepted lower prices to exit Polygon, and the cryptocurrency is in a long-term descending trend channel. This indicates increased pessimism among investors and anticipates further declines for Polygon. The cryptocurrency has broken the $0.74 support level, suggesting more decline. RSI is showing a positive divergence from the price, indicating a possibility of an upward response. In the long term, the cryptocurrency is considered negative from a technical standpoint.

Summary

The Polygon (MATIC) analysis evaluates the cryptocurrency’s status from short-term, medium-term, and long-term perspectives. Short-term analysis indicates that the cryptocurrency has initially shown a slower descent and is slightly positive from a technical standpoint. Medium-term analysis suggests further decline and is negative for the cryptocurrency. Long-term analysis predicts more decline for Polygon but highlights the possibility of a positive response. Investors should proceed with caution based on these analyses.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Trump Highlights Severe Trade Tensions Between U.S. and Europe Amid Heavy Taxes and Lawsuits

On June 28th, U.S. President Trump highlighted the complex...

Bitcoin Sees Massive 11,770 BTC Outflow from Major CEXs Including Coinbase Pro and Binance

According to the latest data from Coinglass, centralized exchanges...

Bitcoin Spot ETF Sees $2.214 Billion Net Inflow in U.S. as BlackRock Leads with $1.31 Billion

According to data from Farside Investors, the United States...

TRUMP Token Liquidity Pool Drains $6.77 Million in Major Withdrawal, Reports OnChain Lens

According to OnChain Lens data reported by COINOTAG News...

US Senate’s $4.2 Trillion Tax Plan Sparks Debate Ahead of Bitcoin Deadline

The U.S. Senate, under Republican control, has unveiled a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img