The post Polygon (MATIC) Faces Persistent Bearish Trend Despite Market Recovery Attempts appeared on BitcoinEthereumNews.com.

Polygon (MATIC) remains caught in a bearish trend, with its price consistently below all major moving averages. Despite occasional bullish reversal signals, they haven’t been strong enough to sustain a price recovery. Analysts are now closely watching for any signs that might indicate a shift from the current bearish pattern to a more stable or upward trend. Polygon (MATIC) continues to struggle below major moving averages, leaving investors skeptical about a potential recovery. MATIC’s Ongoing Bearish Trend Raises Concerns The cryptocurrency market has seen a variety of fluctuations, but recently, Polygon (MATIC) has remained under continuous bearish pressure. As of the most recent trading sessions, MATIC’s price found itself below all significant moving averages, a classic bearish indicator. This sustained downward trend has rattled investor confidence and raised concerns regarding its near-term recovery potential. The resistance at the 50-period moving average has proven particularly challenging, suggesting a strong overhead supply and selling interest. Technical Indicators Spotlight Skepticism Delving into technical indicators reveals a complex picture. The Relative Strength Index (RSI) is showing neither robust selling pressure nor evident buying momentum, indicating that traders are cautious. The consistent formation of lower highs along the downward trend line underscores this sentiment. However, it’s worth noting that the lack of a significant drop below recent lows points to a solid support area around the $0.6250 mark. Double bottom patterns visible on the price chart often signal a potential bullish reversal, but recent patterns have yet to lead to substantial price increases. This suggests that the underlying buying pressure is insufficient to drive a sustained reversal. Market Sentiment and External Factors Further metrics compound the narrative of a hesitant market. The MACD lines, hovering around the zero level, indicate a lack of definitive momentum in either direction. The histogram being close to zero also…

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Filed under: News - @ June 14, 2024 9:28 am