Is Polygon On Path Of Hitting New Lows?

The crypto industry seems to have gained back momentum as the market has been trading in the green for the 3rd straight day this week. Bitcoin and other altcoins continue to rise constantly. Polygon price, on the other hand, continues its struggle to stabilize its value.

The bulls have constantly failed to hold the price, resulting in the coin losing its value. The MATIC price has been trading under the descending trendline since the start of the month of September. 

The MATIC coin has formed a resistance zone of $0.5296 and $0.5372 and has repeatedly failed to break out of it since mid-September. Further, the cryptocurrency is on the verge of making another attempt to break the trend. The price sentiments display a decline in the bull power, indicating uncertainty in the market.

Also Read: Polygon Price Prediction 2023 – 2025: Will MATIC Price Manage To Turn 2023 Into A Bullish Year?

The RSI averages are currently trading above the mid-point. Still, the price declined in its chart recently, indicating a weak buying and selling power in the market. Further, the chart displays a possibility of a bearish convergence soon.

On the other hand, the MACD has displayed constant price volatility on its histogram. The chart now displays a declining histogram indicating a price uncertainty and a possibility of weak price action.

Will MATIC Go Back Up?

If the bulls gain power and break out of the descending trendline, then the MATIC coin will experience a trend reversal, resulting in the coin trading on a bullish note. Further, if the Polygon manages to hold itself above the resistance zone, then the price will continue to climb and test its resistance level of $0.55 in the coming week.

On the flip side, if the bears overpower the bulls, then the price will continue to trade in the descending channel. Moreover, if the MATIC price breaks down the pattern, it will fall under a strong bearish influence, resulting in its price testing at a crucial support level of $0.50 soon.