Polygon (MATIC) continues to feel the pressure of a downward trend. Despite the positive outlook, the price has been trading within a two-month range, disregarding today’s negative market impact. This change in sentiment occurred after Bitcoin (BTC) successfully tested the $67,000 level and rose above $70,000. No significant breakout occurred on the Polygon side during this period. So, what might await MATIC investors in June?
Polygon (MATIC) Analysis
Following the strong price movements in February 2024, which indicated historical peaks in the market, MATIC found support at the $1 level in the first half of March. However, after a decline in Bitcoin, the bulls could not maintain this level.
More importantly, MATIC fell below the January low of $0.69, dropping to $0.6 without much resistance.
The current range formation (marked by purple lines) is between $0.75 and $0.62, with the midpoint at $0.685. The support level was defended for about a month, and if it is tested again successfully, the price might rise again.
MATIC’s daily RSI value remains just below 50, indicating that the momentum needed for a rise is still lacking. If the OBV value can rise from its recent lows, it could signal readiness for a breakout on the MATIC side.
Will MATIC Price Rise?
The current resistance level for MATIC is at $0.75. The first liquidity pool, where short positions could be liquidated, is at $0.762, followed by another at $0.8.
Considering this, even if the two-month consolidation ends and prices rise, a move to the $0.8 level could trigger a reversal in MATIC’s price. Therefore, investors should be cautious when taking positions. They might consider the resistance zone between $0.75 and $0.8.
