The Falling Price of Polygon (MATIC)
The price of Polygon (MATIC) has been steadily decreasing, despite positive news and strong data from the NFT market. Since reaching its yearly high in February, the price has fallen by 60% and is currently trading at just $0.6169.
Downtrend and Resistance
MATIC has been in a clear downtrend since its high, and attempts to break out of this trend have been unsuccessful. Both the trendline and the 200-day EMA have proven to be strong resistance levels. Additionally, MATIC has fallen below the 23.6% Fibonacci retracement level at $0.75.
Possible Plunge or Breakout
If the support at $0.60 is broken, there is a possibility of a further plunge towards the yearly low at $0.50. However, if the support holds, there may be a new attempt to break out of the downtrend. For a breakout to occur, MATIC would need to rise above $0.71 and validate the breakout by surpassing the 23.6% Fibonacci retracement level at $0.75.
Positive News Fails to Impact Price
Despite positive news, such as the strategic alliance with SK Telecom and the integration into SKT’s NFT marketplace, the price of MATIC remains unaffected. The partnership aims to expand SKT’s Web3 ecosystem and offer Web3 experiences to more consumers. Polygon’s NFT ecosystem has also seen significant trading volume, indicating its growing position in the decentralized tech sector.
Conclusion: Downside Potential
The falling price of MATIC, combined with the resistance levels and the lack of impact from positive news, suggests a potential downside for the cryptocurrency. The support at $0.60 and the breakout levels at $0.71 and $0.75 will be important factors to watch for in the coming days.
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