The Crypto Market Overview
The crypto industry has recently regained momentum, with the market trading positively for the third consecutive day this week. Bitcoin and several altcoins are on the rise, showing continuous growth. However, Polygon’s price is facing challenges in stabilizing its value.
Current MATIC Price Trends
The bulls have struggled to maintain the price, leading to a decline in MATIC’s value. Throughout September, MATIC has been trading below the descending trendline. The coin has established a resistance zone between $0.5296 and $0.5372, repeatedly failing to break out since mid-September. There is a looming attempt to break this trend, but market sentiments indicate a decline in bull power, creating uncertainty.
Technical Indicators Analysis
The Relative Strength Index (RSI) averages are above the mid-point but show recent declines, signifying weak buying and selling power. A potential bearish convergence is on the horizon. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram displays consistent price volatility and a declining pattern, indicating market uncertainty and weak price action.
If the bulls regain control and break the descending trendline, MATIC may experience a trend reversal, leading to bullish trading. Sustaining a position above the resistance zone could drive the price to test the $0.55 mark in the upcoming week.
Conversely, if bears dominate, MATIC might continue trading within the descending channel. A breakdown of this pattern could expose the coin to strong bearish influence, potentially testing a crucial support level of $0.50.