Convergence

April

Polygon

Divergence

<ul> 
 <li>Polygon (MATIC) has struggled to maintain its price above $0.75, falling to $0.61 due to strong bearish resistance.</li> 
</ul> 
<ul> 
 <li>Technical indicators, including RSI, Ichimoku Cloud, and MACD, suggest a prevailing bearish trend with limited buying momentum.</li> 
</ul> 
Polygon (MATIC) is currently navigating through a challenging period as it faces strong <a href="https://www.crypto-news-flash.com/polygon-introduces-pessimistic-proof-for-enhanced-chain-security-can-it-propel-matic-price-to-8/">resistance and bearish sentiment</a>, hampering its efforts to break higher price levels. Over the last 30 days, MATIC’s price has been unable to sustain above $0.75, resulting in a decline to $0.59 at press time. 
MATIC’s attempts to breach resistance levels between $0.66 and $0.75 have consistently been thwarted by bearish pressure. Each rally met sharp reversals, signaling strong resistance from sellers at these higher price points. The coin’s price movements over the past month depict a series of lower highs and lower lows, a classic indication of a bearish trend. 
<h3 id="strong-rsi-strong">RSI</h3> 
The Relative Strength Index (RSI) has hovered around the 50 mark, reflecting a balance between buying and selling pressures. However, the RSI has not entered overbought territory (above 70), indicating a lack of sustained upward momentum. 
<img loading="lazy" decoding="async" class="alignnone wp-image-728796" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162407.963-300x160.png" alt="" width="677" height="361" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162407.963-300x160.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162407.963-150x80.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162407.963-450x240.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162407.963.png 512w" sizes="(max-width: 677px) 100vw, 677px"> 
Despite the bearish outlook, MATIC has established clear support around $0.57 and $0.61. These levels have historically seen buyer activity, preventing further declines. However, the price remains below all three major moving averages, reinforcing the bearish sentiment in the market. 
<h3 id="strong-the-ichimoku-cloud-strong">The Ichimoku cloud</h3> 
The Ichimoku cloud, a key technical indicator, further suggests a bearish outlook as MATIC’s price is trading beneath the cloud. This position typically indicates that the overall trend is negative. Additionally, the Moving Average Convergence Divergence (MACD) line is close to the signal line and hovering around the zero mark, indicating a lack of strong momentum from either bulls or bears. 
<img loading="lazy" decoding="async" class="alignnone wp-image-728805" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162855.687-300x166.png" alt="" width="681" height="377" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162855.687-300x166.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162855.687-150x83.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162855.687-450x250.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162855.687.png 512w" sizes="(max-width: 681px) 100vw, 681px"> 
MATIC’s derivatives trading volume has seen a significant decline of 53.14%, reflecting reduced activity in the market. This decrease in volume could be indicative of waning interest from traders and investors during this period of uncertainty. 
On Binance, the long/short ratio for MATIC/USDT stands at 3.8852, suggesting that a larger number of traders hold long positions compared to short positions. This ratio indicates a belief among many traders in MATIC’s potential for long-term gains despite the current bearish conditions. 
<h3 id="strong-positive-on-chain-metrics-strong">Positive On-Chain Metrics</h3> 
On the positive side,<a href="https://www.crypto-news-flash.com/polygon-surpasses-ethereum-in-key-metrics-gas-usage-and-user-activity/"> on-chain metrics </a>show promising signs for MATIC. Network growth has increased significantly, indicating a growing number of new addresses accumulating interest in MATIC. This rise suggests that new users are willing to buy MATIC at the current reduced prices. 
<img loading="lazy" decoding="async" class="alignnone wp-image-728813" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162941.227-265x300.png" alt="" width="697" height="789" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162941.227-265x300.png 265w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162941.227-150x170.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162941.227-450x509.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T162941.227.png 453w" sizes="(max-width: 697px) 100vw, 697px"> 
Additionally, the <a href="https://www.crypto-news-flash.com/polygon-nears-10-million-users-can-this-milestone-boost-matic-prices/">velocity of MATIC trading </a>has grown, reflecting an uptick in the frequency of trades. Despite this positive on-chain activity, larger addresses holding more than 10,000 MATIC tokens have been selling their holdings. The recent growth in MATIC’s price has been driven primarily by retail interest. 
Retail spot traders have shown a keen interest in accumulating MATIC, but this enthusiasm has not been mirrored in the futures and options markets. Data from Coinglass reveals a significant drop in Open Interest for MATIC since April 1st, indicating a lack of confidence among derivatives traders. 
<img loading="lazy" decoding="async" class="alignnone wp-image-728836" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T163500.629-300x70.png" alt="" width="707" height="165" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T163500.629-300x70.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T163500.629-150x35.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T163500.629-450x105.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-17T163500.629.png 512w" sizes="(max-width: 707px) 100vw, 707px">

Polygon (MATIC) Faces Major Hurdle at $0.75 Amid Prevailing Bearish Market

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