Summary
Polygon’s native cryptocurrency MATIC has been experiencing selling pressure, leading to lower lows in its price. While it has bounced back from key support levels, it is limited by a descending triangle pattern and is likely to continue the bearish trend. The MATIC price is currently below the 50-day and 200-day moving averages, and the Relative Strength Index reflects ongoing selling pressure. Any upward movement is expected to be brief due to the prevailing bearish pressure. Additionally, the number of active addresses on the Polygon network has rebounded after reaching a low point, and there are plans for a transition from MATIC to the new POL Token.
Key Points
- MATIC price has been under selling pressure and making lower lows.
- Key support level is at $0.53, with a potential freefall to $0.40 if this level is broken.
- A descending triangle pattern is limiting bullish momentum.
- MATIC price is below the 50-day and 200-day moving averages.
- Active addresses on the Polygon network have rebounded.
Hot Take
The MATIC cryptocurrency is facing significant selling pressure and is unlikely to see a bullish momentum. It is important to monitor the key support level at $0.53, as breaking this level could lead to a significant drop in price. The bearish trend is expected to continue due to the descending triangle pattern. Additionally, the transition from MATIC to the new POL Token should be observed for any potential impact on the market.
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