– MATIC remains calm without buying commitment after dropping by 21.4% on 21 June.
– Daily RSI hasn’t recorded oversold readings, exposing MATIC to an extended downtrend.
– New Polygon addresses broke this year’s trend after dropping by 41% in the past week.
With the unpredictability surrounding the cryptocurrency market, MATIC has experienced challenges since the 22 June dips. The asset has had an interesting trend considering the noticeable relative strength and the Polygon’s fundamental narrative after the declines on 23 May. At the moment, MATIC crypto seems a no-go zone, struggling since the crash. If you are a Polygon investor, you may have to approach the asset with diligence to avoid investment damages.
MATIC On a Bearish Outlook
MATIC saw its price shedding by around 50% from $1.75 highs on 15 June to trade at $0.92 low on 22 June. That is a sizeable loss after the impressive breakouts over the May dropping trend line. Keep in mind that MATIC dismissed its vital trend line in 2020, the 50-d SMA, and the fixed VWAP at $1.32 on 26 April.
The price drop ended with a Doji candle on 22 June. However, the rebound saw a $0.03 surge over the $1.24 22 June highs. Unfortunately, MATIC declined by 13.6% in the past 24 hours. The weak price changes show that Polygon’s asset didn’t ensure reliable support before registering an oversold display on the Relative Strength Index. Most indicators show that MATIC might experience an extended downtrend.
As stated earlier, MATIC has never had massive support since the 23 May drops to $0.74, a 30% loss from the Polygon’s current value. After the May market crash, Polygon failed to claim noticeable support up to the 200-d SMA at $0.53, a 50% drop from MATIC’s current price.
Most assets witness address declines during price weakness. However, Polygon’s price dip beneath the previous year’s trend line and the new addresses plunge raises concerns on the MATIC outlook.
MATIC trades at an articulation zone with a probability to move in any direction. However, from its current condition, Polygon will have to fight to regain its losses.