The post Polygon (MATIC) Faces Strong Resistance, Struggles to Maintain Above $0.75 Amid Bearish Sentiment appeared on BitcoinEthereumNews.com.

Polygon [MATIC] is currently encountering significant resistance, making it difficult to maintain a price above $0.75. The bearish outlook is supported by MATIC trading below the Ichimoku cloud and all three moving averages. “Despite numerous attempts to rise above key resistance levels, MATIC has consistently faced strong selling pressure,” said a market analyst. MATIC faces stiff resistance at $0.75 while bearish sentiment dominates, trading below key indicators. Polygon (MATIC): Persistent Struggles Amid Strong Resistance Over the past month, Polygon (MATIC) has consistently struggled to maintain its price above the $0.75 mark. As of the latest reports, MATIC’s value has declined to $0.61. Several attempts to overcome resistance levels, particularly those between $0.66 and $0.75, have been thwarted by strong bearish sentiments, leading to sharp reversals whenever the price neared these thresholds. The Bearish Trend: Indicative Metrics and Chart Analyses Multiple technical indicators suggest a prevailing bearish trend. Despite sporadic rallies, MATIC has remained mostly below the Ichimoku cloud, signaling a bearish outlook. Support levels have been found around $0.57 and $0.61, where buyers have historically intervened to prevent further dips. Technical Indicators and Market Sentiment Examining the Relative Strength Index (RSI), we see it hovering around the 50 mark, which signifies a balance between buying and selling activities. However, the RSI has not crossed into overbought territory (above 70), indicating a lack of sustained buying interest. Similarly, the MACD line’s proximity to the signal line and its position near the zero line suggest neither the bulls nor the bears have strong momentum currently. Support Levels and Market Movements The Ichimoku cloud analysis shows a consistent bearish pattern, with prices staying under the cloud. The chart also exhibits a series of lower highs and lower lows, classic signs of a declining trend. Double-top formations have also been observed, further reinforcing the…

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Filed under: News - @ June 17, 2024 3:12 am