Polygon Experiences Prolonged Decline!

Bittime - Polygon (MATIC) has experienced high volatility since early 2024, with prices currently ranging between $0.75 and $0.62. MATIC experienced a significant decline below $1, and the RSI and OBV indicators provide different perspectives on possible future price movements.

Analisis Polygon (MATIC)

MATIC found support at the $1 level in early March 2024 after an important price movement in February 2024. It represents a historical market peak. However, the bulls were unable to maintain this support level when Bitcoin's value declined. The situation got worse as MATIC price fell below its January low of $0.69, falling to $0.6 with little resistance.

MATIC is currently trading between $0.75 and $0.62, with the midpoint at $0.685. The support level is maintained for about a month, and the results of a retest may cause the price to rise. However, MATIC's daily RSI value is still below 50, it shows that there is no significant progress. An increase in On-Balance Volume (OBV) from recent lows could indicate readiness for a MATIC breakout.

Will MATIC Prices Increase?

MATIC resistance is currently $0.75. The first liquidity pool, where short positions can be purchased, is at $0.762, and the other liquidity pool is at $0.8. Investors should be careful and consider the resistance zone between $0.75 and $0.8 when making decisions.

Problems Facing Polygon (MATIC)

Currently, Polygon (MATIC) is facing major problems in overcoming downward pressure. To make the right decisions in this volatile market, investors must remain vigilant and pay attention to important support and resistance levels, as well as key indicators such as RSI and OBV.

Conclusion

Polygon (MATIC) has experienced high volatility since early 2024, with its price currently trading between $0.75 and $0.62. The price failed to maintain support around $1 as Bitcoin's value fell, resulting in MATIC dropping to $0.6. The daily RSI value remains below 50, which indicates little progress even though the OBV may increase. Key resistance levels range between $0.75 and $0.8. Investors should be alert to downward pressure and pay attention to important indicators and support and resistance levels.

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