Polygon (MATIC) Price Hits New Yearly Low
The price of Polygon (MATIC) recently dropped to its lowest point of the year, breaking through the $0.60 resistance area. Despiteย theย factย that another low is anticipated before a probable reversal, there are some positiveย trend signs to consider, particularly in relation to the Relative Strength Index (RSI).
Daily Technical Analysis
Andย once analyzing MATIC on a daily timeframe, itโs clear that thereย is a bearish trend. Since reaching its yearly high of $1.57 on February 28, the price has been below a descending resistance line. The recent breakdown from the $0.60 support area confirmed it as resistance on August 29.
Asย aย resultย ofย this rejection, MATIC hit a new yearly low of $0.51 on September 10. This represents a 67% decrease inย theย previous 208 days. If the downtrend continues, the next levelย ofย support to watch for is at $0.34.
Bullish RSI Signals
Regardlessย of the bearish price action, there are positive indications from the daily RSI. The RSI is a trending momentum indicator used by traders to identify overbought or oversold conditions and make decisions about buying or selling assets.
Despiteย theย factย that the RSI remainsย under 50, it has beenย gaining and forming higher lows. Inย addition, it has generated a positiveย trend divergence, which often leads to trend reversals.
MATIC Price Prediction: Elliott Wave Analysis
An examination of MATICโs Elliott Wave count impliesย that while the outlook is bearish, a bottom couldย be approaching. The fourth wave exhibited characteristics commonly seen in corrective movements.
If the downtrend continues, MATIC is expected to complete its fifth and final wave around $0.41, which corresponds to the 1.27 external Fibonacci retracement level of wave four. Nonetheless, if MATIC manages to reclaim the $0.60 level, itย might indicate that theย lowest has been reached.
Hot Take: Probable Rebound Ahead for MATIC
The recent fall in the price of Polygon (MATIC) to a new yearly low suggests a bearish trend. Nonetheless, there are indications that a reversal couldย be on the horizon. The RSI is showing positiveย trend signs, and the Elliott Wave analysis impliesย that a bottom mayย be reached soon.
If the downtrend continues, MATICโs price could decline further before potentially rebounding. On the other hand, if MATIC manages to reclaim the $0.60 level, itย might indicate that theย lowest has been reached and a wholeย lotย of price increase may follow.
Keep an eye on these factors as you consider your next move with MATIC.
Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.
