Polygon

Polygon (MATIC) has been experiencing a downward trend in its price, with the cryptocurrency nearing its 12-month lows. The recent price action indicates a lack of bullish momentum and a potential bearish sentiment prevailing in the market. At the time of analysis, <a href="https://coinmarketcap.com/currencies/polygon/" rel="noopener noreferrer nofollow">MATIC </a>is trading at $0.6140, showing a decline of 7.72% over the past week and a significant drop of 32.41% over the past month.The technical analysis reveals that MATIC is currently in a neutral-to-sell zone. The Relative Strength Index (RSI), with a period of 14 and a close Simple Moving Average (SMA) of 14, shows a reading of 36.86, indicating a bearish sentiment. The MACD (Moving Average Convergence Divergence) histogram also suggests a negative trend, with the MACD line below the signal line.Low whale activity is one important factor contributing to the downward pressure on MATIC&#39;s price. Whales, large-scale cryptocurrency holders, often can influence market trends due to their significant holdings. When whale activity remains low, it can indicate a lack of confidence or interest in the asset, negatively impacting its price.It&#39;s worth noting that MATIC has experienced substantial volatility in the past. Despite the current downtrend, there is a possibility of price rebounds in the future. However, the current market conditions and technical indicators suggest a cautious approach.Traders and investors should closely monitor key support and resistance levels. If MATIC breaks below the 12-month low, it could trigger further selling pressure and push the price toward new lows. On the other hand, a solid bullish catalyst or positive market sentiment could lead to a price recovery.Read full article at <a href="https://cryptotale.org/polygon-matic-faces-bearish-pressure-as-price-nears-12-month-lows/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Polygon (MATIC) Faces Bearish Pressure as Price Nears 12-Month Lows

CryptoTale

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