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The cryptocurrency market eased with a slight recovery after a prolonged downtrend, but the altcoin king Ethereum (ETH) struggles to strongly surpass the $3,400 threshold. ETH’s situation affects leading altcoins like Polygon (MATIC). However, Polygon’s MATIC price movement continues to disappoint investors, reflecting a lack of investor interest at some point.
Trading Within a Triangle Formation for Months
Currently, MATIC‘s price shows signs of a potential rise despite the prevailing downtrend. In the past 24 hours, MATIC dropped by 1.21% and its trading volume decreased by 33.42%. Moreover, the altcoin’s price fell by 21.99% in the last 30 days and has been trading with a 42.24% decline since the beginning of the year. MATIC is currently trading at $0.5597 with a circulating supply of 9.87 billion and a total supply of 10 billion, ranking 19th among the largest cryptocurrencies with a market cap of $5.53 billion.
Technically, MATIC’s price formed a triangle formation on the daily chart and has been trading within this formation since mid-March. The altcoin approaches the breakout point of the formation, with the outcome remaining uncertain. The Moving Average Convergence Divergence (MACD) indicator shows a continuous decline in the red histogram, indicating a potential rise in price movement.
Additionally, the Simple Moving Average (SMA) indicates a possible positive crossover, reflecting increased buying and selling pressure.
What’s Next for MATIC?
Looking at the rest of the year, the market momentum will be crucial for Polygon’s MATIC price trajectory. If the uptrend continues, the altcoin may test the resistance trendline in the triangle formation. Maintaining this level could push the price towards the upper resistance level of $0.690. Conversely, if the downtrend prevails, MATIC could retreat to the significant support level of $0.50 in the coming weeks.
Although MATIC’s current performance is seen as inadequate, technical indicators suggest a possible shift from a downtrend to an uptrend. The next few weeks will be critical in determining whether the altcoin can recover or if the downtrend will continue.
