Despite the bullish wave in the cryptocurrency industry, Polygon (MATIC) token continues to struggle to break through the key resistance level at $0.7425, indicating a strong liquidation point for MATIC price at that level .

Meanwhile, Polygon price recorded a correction of 6.65% in the past 24 hours and 22.01% in the past 30 days. Additionally, MATIC token’s year-to-date return is -27.43%, highlighting the long-term bearish sentiment towards altcoins in the crypto market.

Polygon tokens face repeated rejections at critical tolerance levels!

The MATIC price showed a large price movement by mid-March, with the valuation increasing by 85.85% from $0.6941 to $1.2900. Due to the volatility in the cryptocurrency market, the bulls lost momentum and faced a rejection at the upper level, resulting in a 50.96% correction in the value of this altcoin.

Since then, the price has been trading in a closed range between $0.6325 and $0.7425, highlighting the growing investor interest in this altcoin. Furthermore, the cross EMA 50/200 day has recorded a death cross, indicating negative sentiment towards the MATIC token this week.

The technical indicator MACD shows a continuously decreasing green histogram, indicating weak buying and selling pressure for Polygon token in the crypto space. Furthermore, the average value shows a neutral trend, suggesting uncertainty in future price trends.

Will the price of MATIC go up?

If the market pushes Polygon price above the key resistance level at $0.7425, the bulls will regain momentum and get ready to test the upper resistance level at $0.860 in the coming weeks.

However, if the bears continue to dominate the bulls, the price will continue to trade under bearish influence and be ready to test this month’s key support at $0.6325.