Just when the Polygon (MATIC) bulls had thought that they were going for a strong rally, things have gone south for them.
The latest trading session may have started on a higher note for the investors but it did not end well for them.
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The investors could see the trading price of MATIC moving higher as the latest trading session began. The bulls were able to display their dominance and the price of the asset was moving higher.
MATIC’s Price Took a Fall
However, things did not work out the way the bulls had expected they would work out in the first place. The price of MATIC kept surging all the way up to the middle of the trading session.
From there, it was the bears who were determined to show off their selling sentiments. They showed that they were stronger than the bulls in any way.
Therefore, they started to pull MATIC’s trading price with all they had, and the price of the asset was seen moving lower.
Prior to the decline, the price of MATIC had moved all the way up to a high of $0.7633. This was the point where the price of the token started to weaken.
As the declining journey began and persisted, the value of the asset ended up falling all the way down to a low of $0.7516 (support level).
The bears kept pulling the trading price of the asset to the lower levels until the support level was reached. Here, it was the bulls that were stronger and they had enough force to push back.
Current Price of MATIC
As of now, the trading price of MATIC is higher than the support level, currently residing at $0.7574. The data shows that in the past 24 hours, the trading price of MATIC has witnessed a 0.58% dip.
Due to the recent dip, the market valuation of the asset has also recorded a dip. It has also moved down at the same rate as the value of the asset.
Then comes the trading volume for MATIC which has recorded a dip as well. The data shows that the trading volume of MATIC has dived as well and so far, the dip is 6.60%.
At the time of writing, the market valuation of MATIC stands at $6.60 billion while the trading volume is over $177 million.
Contracting Bollinger Bands
The price analysis for MATIC shows that the Bollinger bands have been recording a contraction for some time. The data shows that the lower band is currently close to $0.7442 while the upper band is at $0.7803.
The contraction shown by the Bollinger bands is a confirmation that the market volatility has started to lower for MATIC. Surprisingly, the same trend is being witnessed for the rest of the major cryptocurrencies.
This goes to show that the investors are losing their interest in the asset and it may continue happening until something good comes out favoring the crypto market.
Price is Moving Lower
So far, the Bollinger bands show that the price of the asset is moving closer to the bottom band. This is a negative signal suggesting that the asset is currently hovering in the negative trend.
Keeping the above analysis in mind, it is only a matter of time before the value of the asset keeps getting more depreciated.
RSI Sits below 75.17
The signal line for the RSI is now sitting below the 75.17 level. This means that the sellers are not done with their activity. They may continue selling MATIC as they are backed by market conditions.
The RSI is in a mid-ranged downtrend means that it is far from the strong selling zone. This also confirms that the bears may continue selling without having to worry about any counters.
This would continue boosting the confidence of the investors as they may continue pulling MATIC’s price even lower.