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Polygon (MATIC), trading within a compact price range due to sustainable upward gains being hindered by selling pressure in the $0.6 price zone.
Analysis Reports on MATIC
According to a previous report on MATIC’s price movement, it emphasized the possibility of an upward trend based on a strong rally starting from $0.5. However, this move has not yet materialized due to the existing selling pressure in the $0.6 price zone. The Relative Strength Index (RSI) highlighted the decrease in buying pressure as it moved from overbought levels to oversold levels on the 12-hour timeframe. This decline came after the price was rejected at $0.58 within the compact trading range.
With the momentum loss of the bulls, a downward break in the compact range may lead to a retest of the $0.5 support level in the short term. Therefore, MATIC investors have adopted a cautious approach. The Chaikin Money Flow (CMF) indicated a significant capital outflow as it transitioned into the negative zone.
MATIC Price Future!
Sustained upward movement may require buyers to surpass the $0.6 hurdle. In that case, it could bring buying pressure to the price range between $0.65 and $0.7. The continuous climb in the 90-day average of the cryptocurrency era indicated that investors believe prices will reverse from their current level when writing. The expectation of price increase emphasized the accumulation of MATIC.
The short-term outlook for the bulls was even better. The Market-Value-to-Realized-Value (MVRV) based on a 30-day timeframe showed that traders were experiencing slight unrealized profits. Together, they highlighted the current upward expectations for MATIC. Polygon (MATIC) is trading within a compact range under the influence of selling pressure in the $0.6 price zone. Previous analysis predicted an upward trend that started with a strong rally but has yet to overcome the $0.6 hurdle.
The decrease indicated by the Relative Strength Index (RSI) suggests a possible test towards the short-term support level of $0.5 after being rejected at $0.58. If the bulls surpass $0.6, it could bring buying pressure to the price range between $0.65 and $0.7, and investors are expecting future growth.
