Polygon price analysis: MATIC prices bleed to new lows of $1.02 as bears heighten their grip

Recent Polygon price analysis shows a continuous bearish trend as prices nosedive to new lows. The Polygon token is currently trading at $1.03 after shedding 9.46 percent of its price in the last 24 hours.MATIC prices closed yesterday’s trading session trading at $1.13 after a brief period of consolidation above the $1.2 mark. However, the bearish momentum built up over the past few days finally caught up to the token as it plummeted below the support at $1.1.

Polygon price analysis indicates MATIC prices shave been trading around $1.02 to $1.13 as the bears take control. The digital asset has seen an increase in the trading volume in the last 24 hours which is now totaling $869,313,514.11 as a result of the current selling action in the market.

The declining market condition for MATIC has an effect on the market dominance of the token and therefore less interest in the token has been witnessed whereby it dominates only 0.49 percent of the digital assets market. The total market capitalization of MATIC is now at $8 billion as the Token ranks position 19 in the overall cryptocurrency market.

Polygon price action on a 1-price chart: Bears mount pressure as price plummets

Polygon price analysis on a 1-day price shows a continuous bearish trend as prices reached new lows at $1.02. The token is presently trading between the $1.02 and $1.13 marks as a result of the increased selling pressure in the market. The current selling action has an effect on the market volatility that is increasing as the market fluctuates. The Bollinger bands are starting to expand as a result of the increased market volatility.

The 50-day moving average line has provided some support for Polygon as it trends around the $0.97 mark while the 100-day moving average line is around the $0.98 mark. The MACD indicator is in the negative region and its value stands at -2.72 as it supports upward price momentum in the market. The RSI indicator on a 14-price chart shows that buyers are still in control of the market with values currently standing at 42.62.

Polygon price action on a 4-hour price chart: MACD indicator supports upward price momentum

The 4-hour chart for Polygon price analysis indicates that prices have been trading between the $1.02 and $1.13 marks as a result of increased selling pressure in the market that has brought prices down to new lows. The 50-day moving average line is trending around the $0.99 mark and the 100-day moving average line is around $0.98.

The MACD indicator shows that prices are trending in the positive region as it signaled an upward price momentum to support Polygon price against further price reduction. The Relative Strength Index line is pointing downwards as it trends around the 38.13 level to indicate a further reduction in prices. The Bollinger bands are diverging as prices trend to the top which indicates that an increase in volatility is imminent.

Polygon price analysis conclusion

Polygon price analysis indicates a continuous bearish trend as prices plummet to new lows at $1.02. The sell-off is supported by increased trading volume and the Bollinger bands have started to expand. The 50-day moving average line has provided some support to price while the MACD indicator supports upward price momentum in the market. However, prices are expected to decline further in the coming days as long as there is increased selling pressure in the market.

Source link