Is It a Good Time To Invest?

Polygon Network is one of the top players in the blockchain industry, but its native token, MATIC, has been steadily declining in recent weeks, which is not surprising as many other altcoins have also seen similar downward trends due to negative market sentiment.

However, while MATIC price fluctuations can present profit-making opportunities for traders, they can also pose risks for inexperienced investors.

Current Market Sentiments for MATIC

Over the past day and seven days, MATIC has fallen by 6.9% and 20.3%, respectively, according to the on-chain analytics platform. SantimentMillions of MATIC tokens were transferred between exchange addresses.

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These large whale trades on the Polygon network suggest that holders are selling their MATIC tokens, potentially accelerating the downward trend. At the time of writing, MATIC is priced at $0.8675. RepresentSince February 18, 2023, it has fallen 44.53%.

At the time of writing, CFGI indicator It also confirms the bearish sentiment in MATIC price, showing 38, indicating fear is spreading among investors. This shows that MATIC is at a stage where investors and traders are afraid to hold onto the asset. If the bulls remain stagnant, further selling pressure may occur.

Meanwhile, MATIC’s 24-hour trading volume fell 15.38% to $375 million. The drop in daily trading volume indicates less activity on the network. However, MATIC still retains the ninth position with a market cap of $8 billion. CoinMarketCap.

Polygon (MATIC) Price Analysis

MATIC is, 50 and 200 day SMAIt is indicating a bearish trend in both the short and long term. Traders can take advantage of this current trend by selling or avoiding it until MATIC fully recovers.

MATIC RSI reading 22.99 It suggests that MATIC is currently in the oversold zone, which also means that the price of MATIC is falling rapidly and a retracement is possible.

Moving Average Convergence/Divergence (MACD) Under the signal line Confirming the bearish trend. This shows that MATIC is currently in a downtrend. The histogram is also below zero, confirming the bearish momentum.

MATIC is important support and Resistance Level These are $0.7438 and $01.0306 respectively. The asset has already broken through the first major support at $0.9335 and is moving strongly towards the next support level.

Polygon MATIC Falls Under Bearish Pressure: Is it a Good Time to Invest?
MATIC price breaks out of bear market MATICUSDT on Tradingview.com

This strong bearish momentum could encourage the bears to break out of the next support and eventually the last support at $0.51. However, if the bulls can regain control, MATIC can reach the strong resistance level at $1.1900.

Featured image from Pixabay, chart from Tradingview

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