The Polygon price analysis shows a strong bearish move today, as the coin just beached the $0.811 support at the moment. The price has been falling for the past few weeks as bears dominate the market. The downwards trend started on 4 April 2022 when the coin was trading at $1.68, and the crypto pair has lost tremendous value since then by continuously covering the range downwards. The price has reached $0.804 today, which is the lowest after 21 July 2021.
MATIC/USD 1-day price chart: Bearish pressure overwhelms the market
The 1-day price chart for Polygon price analysis shows a massive amount of value loss today. Bears covered an extensive downwards range from $0.889 to $0.804 today, as the price of MATIC/USD is trading at the later value at the time of writing. MATIC/USD lost a value of more than 14 percent during the last 24 hours, and the crypto pair reports a high loss of 26.32 percent over the past week, as another market crash is being observed today. The trading volume has decreased by 13.8 percent, resulting in market dominance of 0.47 percent, while the market cap has decreased by 13.43 percent.
The volatility started increasing on 25 April 2022 when the Bollinger bands started to expand, but the price continued to travel down towards the lower limit of the Bollinger bands, the lower band is present at $0.77 below the price level, acting as support for the MATIC price. The moving average (MA) is trading at $0.98 as the SMA 20 curve continues to trade below the SMA 50 curve.
The relative strength index (RSI) is trading in the underbought zone today again and is still on a downwards curve at index 27, hinting at the selling activity due to extreme bearish pressure in the market.
Polygon price analysis: Recent developments and further technical indications
The 4-hour price chart for Polygon price analysis shows the price has been decreasing continuously, and selling pressure is immense, as the price has been falling for the last 20 hours and the bearish momentum intensified in the last four hours, which provokes fear of a further decrease in price in the coming hours.
The 4-hour chart also shows an increase in volatility for the crypto pair. The upper band has reached $1.039, and the lower band is present at $0.798. The MA is also trading at $0.885 above the price level. The RSI has also been maintaining its downwards curve near the underbought region as it has reached down to index 31 due to the continuous bearish activity.
Polygon price analysis conclusion
The Polygon price analysis shows the MATIC/USD price trend line if observed from the last week, is on a downwards curve, so a further decrease in price can be expected in the coming days. For the coming hours, the price may continue to correct for a few hours more as it has reached near the support of $0.77.
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Source: https://www.cryptopolitan.com/polygon-price-analysis-2022-05-11/