Can Polygon (MATIC) Stage a Comeback After Losing Its Top 20 Ranking?

MATIC Trading Volume Surges Amid Market Decline

MATIC, one of the leading altcoins, has recently seen a surge in trading volume despite challenging market conditions. In the past 24 hours alone, its trading volume has increased by a remarkable 136%.

Polygon Falls to 21st Place as Bearish Sentiment Grips Market

Recently, Polygon (MATIC) dropped to the 21st position in the cryptocurrency rankings, overtaken by Litecoin. This shift comes amidst a bearish trend in the broader market, triggered by Bitcoin hitting a two-month low of $57,800.

Altcoins such as Ethereum, Solana, and Polkadot also experienced significant declines, with Ethereum down 4%, Solana dropping 9%, and Polkadot falling by 7%.

MATIC’s Recent Performance and Price Analysis

Polygon (MATIC) has been underperforming, hitting a nine-month low of $0.5058, marking a 7% decrease. Despite this downturn, its trading volume has surged by 136% in the last 24 hours.

Currently, MATIC is trading at a price that is 82% below its all-time high reached three years ago and has declined by 26% over the past month.

  • MATIC reached $0.5148 just sixteen days ago.
  • The recent recovery saw MATIC trading at $0.5740, but it struggled to maintain this momentum amid the bearish market sentiment.
  • The daily RSI stands at 35, indicating significant selling pressure and an increase in MATIC’s supply on exchanges.

Technical Analysis and Predictions for MATIC

Analysts are observing a potential bullish reversal pattern for MATIC, as it forms a falling wedge on the daily chart. If this pattern materializes, there is anticipation of a price increase ranging between 70% to 80% from its current levels.

However, the daily chart reflects a bearish trend, with MATIC trading below the critical support level of $0.5314. The 9-day EMA is currently at $0.5501, indicating ongoing bearish sentiment.

For MATIC bulls, maintaining momentum above key levels is crucial. The next significant resistance levels to watch are at $0.6292 and potentially $0.6692 if bullish momentum continues.