Polygon (MATIC) Price Analysis
Polygon (MATIC) is currently trading within a compact price range, facing sustainable upward gains hindered by selling pressure in the $0.6 price zone.
Analysis Reports on MATIC
Previous reports on MATIC’s price movement emphasized the possibility of an upward trend, starting from $0.5. However, this move has been impeded by existing selling pressure in the $0.6 price zone. The Relative Strength Index (RSI) highlighted the decrease in buying pressure, shifting from overbought levels to oversold levels on the 12-hour timeframe. This decline occurred after the price was rejected at $0.58 within the compact trading range.
With the loss of momentum among the bulls, a downward break in the compact range may lead to a retest of the $0.5 support level in the short term. Consequently, 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 would require buyers to surpass the $0.6 hurdle. In such a scenario, 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 suggests that investors believe prices will reverse from their current level at the time of writing. This expectation of a price increase underlines the accumulation of MATIC.
The short-term outlook for the bulls appears promising. The Market-Value-to-Realized-Value (MVRV) based on a 30-day timeframe indicates that traders are experiencing slight unrealized profits. These factors together highlight the current upward expectations for MATIC. Polygon (MATIC) continues to trade within a compact range, influenced by selling pressure in the $0.6 price zone. Previous analyses predicted an upward trend initiated by a strong rally, yet it has not overcome the $0.6 hurdle.
The decrease indicated by the Relative Strength Index (RSI) suggests a potential test towards the short-term support level of $0.5 after being rejected at $0.58. If the bulls manage to surpass $0.6, it could bring buying pressure to the price range between $0.65 and $0.7, aligning with investors’ expectations of future growth.
