{"id":531004,"date":"2024-05-10T17:00:52","date_gmt":"2024-05-10T17:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=531004"},"modified":"2024-05-10T14:16:20","modified_gmt":"2024-05-10T14:16:20","slug":"polygon-matic-falls-under-bearish-pressure-is-it-a-good-time-to-invest","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic\/polygon-matic-falls-under-bearish-pressure-is-it-a-good-time-to-invest\/","title":{"rendered":"Polygon (MATIC) Falls Under Bearish Pressure: Is It a Good Time To Invest?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Polygon Network is one of the top players in the blockchain industry. However, its native token MATIC has steadily declined in the last few weeks. This comes as no surprise as many other altcoins are also experiencing the same downward movement due to negative market sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But while the volatility of MATIC&#8217;s price can present profitable opportunities for traders, it can also pose a risk for inexperienced investors.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Current Market Sentiment For MATIC<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In the past day and the previous seven days, MATIC has fallen 6.9% and 20.3%, respectively. According to an on-chain analytics platform, <\/span><a href=\"https:\/\/app.santiment.net\/s\/hXY17e2v\" rel=\"nofollow\"><span style=\"font-weight: 400\">Santiment<\/span><\/a><span style=\"font-weight: 400\">, millions of MATIC tokens were transferred between on-exchange addresses.\u00a0<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/check-one-two-is-bitcoin-mic-drop-rally\/?swcfpc=1\">Check One, Two: Is Bitcoin Ready For A Mic Drop Rally?<\/a><\/p>\n<p><span style=\"font-weight: 400\">These large whale transactions on the Polygon network might be fuelling the downtrend as it suggests that holders are selling off their MATIC tokens. At the time of writing, MATIC&#8217;s price is $0.8675, <\/span><span style=\"font-weight: 400\">represent<\/span><span style=\"font-weight: 400\">ing a 44.53% drop since February 18, 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, the CFGI <\/span><a href=\"https:\/\/cfgi.io\/polygon-fear-greed-index\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">indicator<\/span><\/a><span style=\"font-weight: 400\"> also confirms the bearish sentiment around the MATIC price as its shows 38, indicating Fear among investors. This suggests that MATIC is in a phase where investors and traders are afraid to hold the asset. This may result in more dumps if the bulls remain stagnant.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, MATIC&#8217;s 24-hour trading volume is down by 15.38% to $375 million. A drop in daily trading volume shows fewer activities are on the network. However, MATIC still maintained its #9 position with its market cap of $8 billion on <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/historical-data\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Polygon (MATIC) Price Analysis<\/span><\/h2>\n<p><span style=\"font-weight: 400\">MATIC is trading below both the <\/span><span style=\"font-weight: 400\">50-Day and 200-Day SMAs<\/span><span style=\"font-weight: 400\">, indicating a bearish trend in the short and long term. Traders may utilize this current trend to sell or avoid MATIC until it recovers fully.<\/span><\/p>\n<p><span style=\"font-weight: 400\">MATIC\u2019s <\/span><span style=\"font-weight: 400\">RSI reading of 22.99<\/span><span style=\"font-weight: 400\"> suggests that MATIC is currently in the oversold zone. This also implies that the price of MATIC has rapidly declined and may be due for a possible retracement.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/why-bitcoin-may-have-completed-the-perfect-pullback\/?swcfpc=1\">Why Bitcoin May Have Completed The \u201cPerfect\u201d Pullback<\/a><\/div>\n<p><span style=\"font-weight: 400\">The Moving Average Convergence\/Divergence (MACD)<\/span><span style=\"font-weight: 400\">\u00a0below the signal line<\/span><span style=\"font-weight: 400\"> confirms the bearish trend. This suggests that MATIC is currently in a downtrend movement. The histogram also is below zero, confirming the bearish momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">MATIC trades between the significant <\/span><span style=\"font-weight: 400\">support<\/span><span style=\"font-weight: 400\"> and <\/span><span style=\"font-weight: 400\">resistance levels<\/span><span style=\"font-weight: 400\"> at $0.7438 and $01.0306, respectively. The asset has already breakthrough the first primary support of $0.9335 and is heading strongly to the next support level.<\/span><\/p>\n<figure id=\"attachment_531010\" aria-describedby=\"caption-attachment-531010\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-531010 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2024-05-10_18-38-01.png?resize=860%2C471\" alt=\"Polygon MATIC Falls Under Bearish Pressure: Is It a Good Time To Invest?\" width=\"860\" height=\"471\"><figcaption id=\"caption-attachment-531010\" class=\"wp-caption-text\">MATIC price to get out of bearish run l <a href=\"https:\/\/www.tradingview.com\/x\/IoRxWBOE\/\" rel=\"nofollow\">MATICUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">With this strong bearish momentum, the bears might break the next support and eventually hit the last support of $0.51. <\/span><span style=\"font-weight: 400\">However, if the bull could take back control, we might see MATIC hit the strong resistance level at $1.1900.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polygon Network is one of the top players in the blockchain industry. However, its native token MATIC has steadily declined in the last few weeks. This comes as no surprise as many other altcoins are also experiencing the same downward movement due to negative market sentiment. But while the volatility of MATIC&#8217;s price can present profitable opportunities for traders, it can also pose a risk for inexperienced investors. Current Market Sentiment For MATIC In the past day and the previous seven days, MATIC has fallen 6.9% and 20.3%, respectively. According to an on-chain analytics platform, Santiment, millions of MATIC tokens were transferred between on-exchange addresses.\u00a0 Related Reading: Check One, Two: Is Bitcoin Ready For A Mic Drop Rally? These large whale transactions on the Polygon network might be fuelling the downtrend as it suggests that holders are selling off their MATIC tokens. At the time of writing, MATIC&#8217;s price is $0.8675, representing a 44.53% drop since February 18, 2023. At the time of writing, the CFGI indicator also confirms the bearish sentiment around the MATIC price as its shows 38, indicating Fear among investors. This suggests that MATIC is in a phase where investors and traders are afraid to hold the asset. This may result in more dumps if the bulls remain stagnant. Meanwhile, MATIC&#8217;s 24-hour trading volume is down by 15.38% to $375 million. A drop in daily trading volume shows fewer activities are on the network. However, MATIC still maintained its #9 position with its market cap of $8 billion on CoinMarketCap. Polygon (MATIC) Price Analysis MATIC is trading below both the 50-Day and 200-Day SMAs, indicating a bearish trend in the short and long term. Traders may utilize this current trend to sell or avoid MATIC until it recovers fully. MATIC\u2019s RSI reading of 22.99 suggests that MATIC is currently in the oversold zone. This also implies that the price of MATIC has rapidly declined and may be due for a possible retracement. Related Reading: Why Bitcoin May Have Completed The \u201cPerfect\u201d Pullback The Moving Average Convergence\/Divergence (MACD)\u00a0below the signal line confirms the bearish trend. This suggests that MATIC is currently in a downtrend movement. The histogram also is below zero, confirming the bearish momentum. MATIC trades between the significant support and resistance levels at $0.7438 and $01.0306, respectively. The asset has already breakthrough the first primary support of $0.9335 and is heading strongly to the next support level. With this strong bearish momentum, the bears might break the next support and eventually hit the last support of $0.51. However, if the bull could take back control, we might see MATIC hit the strong resistance level at $1.1900. Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"author":584,"featured_media":528490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86487],"tags":[1020,6664,79614,83584,14763],"class_list":["post-531004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matic","tag-blockchain","tag-crypto","tag-maticusdt","tag-polygon","tag-rsi"],"acf":[],"yoast_head":"\n<title>Polygon (MATIC) Falls Under Bearish Pressure: Is It a Good Time To Invest?<\/title>\n<meta name=\"description\" content=\"Polygon Network is one of the top players in the blockchain industry. However, its native token MATIC has steadily declined in the last few weeks. 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