Despite a bullish wave in the crypto industry, the Polygon (MATIC) token continues its struggle to break out of its important resistance level at $0.7425, indicating a strong liquidation point for the MATIC price at that level.
On the other hand, the Polygon price has recorded a correction of 6.65% within the past 24 hours and 22.01% over the past 30 days. Furthermore, the YTD return of the MATIC token stands at -27.43%, highlighting a long-term bearish sentiment for the altcoin in the crypto market.
Polygon Token Faces Repeated Rejection At Its Important Resistance Level!
The MATIC price displayed a significant price action by adding 85.85% in valuation, from $0.6941 to $1.2900 by mid-March. As the volatility in the crypto market, the bulls lost momentum and faced rejection at their upper level, resulting in this altcoin recording a correction of 50.96% in value.
Since then, the price has been trading in a closed range between $0.6325 and $0.7425, highlighting the rising disinterest of investors in this altcoin. Moreover, the Cross EMA 50/200-day has recorded a Death Cross, indicating a negative sentiment for the MATIC token this week.
The technical indicator, MACD, shows a constant decline in the green histogram, indicating weak buying and selling pressure for the Polygon token in the crypto space. Moreover, the averages display a neutral trend, suggesting uncertainty in future price action.
Will MATIC Price Increase?
If the market pushes the Polygon price above its important resistance level of $0.7425, the bulls will regain momentum and prepare to test its upper resistance level of $0.860 during the upcoming weeks.
However, if the bears continue to overpower the bulls, the price will continue trading under a bearish influence and prepare to test its crucial support level of $0.6325 this month.
