- Polygon(MATIC) has established a support at $0.902.
- Price analysis of Polygon shows that MATIC price is currently on the decline.
- The bears have maintained their dominance across the MATIC markets.
Cramer’s pessimistic argument appears to have determined the stance of traders. In the last 24 hours, the value of Polygon (MATIC), one of the coins mentioned by Crammer, dropped by 1.85%.
This pessimistic outlook is supported by the fact that market capitalization has dropped by 2.40%, reaching $7,940,565,685 recently. The rise in trading volume by 20.38% to $280,387,141 indicates that the competitive pressure to sell is getting stronger.
As the short-term MA drops below the longer-term MA, it signals a bearish crossover and suggests the current trend will continue. This is shown by the fact that the 50-day moving average (MA) is at 0.8975 and the 200-day MA is at 0.9367. The bears’ grip is strengthened as the price moves closer to the shorter time frame.
When a ” Sell” signal appears on the 4-hour price chart with a reading of -0.18, it is evidence that seller pressure is increasing in the MATIC market, indicating an order for a short position.
In a sell-off, a dipping BOP line indicates that bears are gaining ground. For as long as MATIC’s price remains below “0,” bears are likely to maintain control of the market. However, a reading near the zero line indicates that they are balanced and can signal a turnaround, as seen on the 4-hour price chart, where the BOP is currently at -0.57.
With a reading of 0.0019 on the MACD line, bears are in control of the market. This is corroborated by the moving MACD line being below the signal, in negative territory, indicating a continuation of the bearish trend.This downward trend in the MATIC price is backed by the histogram’s negative slope (-0.0033).
In conclusion, the matic price analysis is bearish, and this is expected to continue unless the bulls persist in trying to rectify the market.
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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.
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- Source: https://cryptonewsland.com/crammers-negative-statement-provokes-matic-investors-to-retract/
