The Polygon token continues to display a bearish move as the price has been constantly trading in the red for a while. Further, the MATIC price has recorded a correction of over 2% within the past day and has lost over 10% during the past week, indicating a strong bear power in the crypto market.
The Polygon’s MATIC token traded in a closed range between $0.8271 and $0.8678 for a while, following which the market gained momentum and the price broke out of the resistance level. The MATIC jumped over 22% in valuation, before facing rejection at $1.0611.
After this, the token recorded a correction of approximately 11%. The price then traded sideways between $0.9458 and $1.0207 for a while. As the market volatility grew, the Polygon price experienced a loss of over 15%.
After recording another correction of 8.5% and testing its low of $0.7572, the MATIC price attempted a breakout but the rally was short-lived as the price faced rejection at $0.8271, resulting in it erasing its major gains from the pump.
Following this, the token experienced another jump of 19.5% in valuation, after which, it faced rejection at $0.9458. After multiple attempts to break out from the resistance level, the bulls lost momentum and started trading under a bearish influence.
Recently, the Polygon token has experienced a Death Cross, resulting in a bearish price action in the market.
Will MATIC Price Regain $1 Soon?
The MACD displays a constant red histogram, indicating a strong bearish influence in the market. Further, the averages show a constant decline, suggesting the price will continue losing value in the coming time.
If the bulls push the price above the resistance level of $0.8271, the MATIC price will regain momentum and test its upper resistance level of $0.8678 soon. Moreover, if the market holds the price at that level, the Polygon price will attempt to test its resistance level of $0.9027 by next week.
Negatively, if the bulls fail to break out, the Polygon token will fall to test its support level of $0.7911. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.7572 in the coming days.