Is Polygon (MATIC) Price on Road to Recovery After 40% Bounce?

BeInCrypto
BeInCrypto

29 Jun 2023 9:00 AM

The Polygon (MATIC) price shows bearish signs in long- and short-term time frames, suggesting that more downside is likely...

  • The price of Polygon (MATIC) experienced a breakdown from a long-term pattern in April, and its rate of decline intensified in the past week.
  • The wave count analysis suggests that the upward movement is likely to persist, but there is a possibility of a temporary rebound in the price.
  • The technical analysis for MATIC on a weekly basis gives a strongly pessimistic outlook, indicating a bearish trend.
  • The MATIC price is currently trading above the $0.53 horizontal support level, where it bounced at the beginning of June.
  • The weekly Relative Strength Index (RSI) is below 50 and declining, indicating a downward trend.
  • The short-term daily time frame analysis also presents a bearish outlook due to the wave count, suggesting a potential decline to a low of $0.39.
  • Reclaiming the channel's support line would suggest a possible continuation of the bounce, but the bearish prediction would only be invalidated with a move above the bottom of wave one.

The sentiment of the article is predominantly bearish, with the technical analysis and wave count analysis indicating a downward trend for Polygon (MATIC) price.

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You May Ask

What happened to the price of Polygon (MATIC) in April?What does the wave count analysis suggest about the future movement of MATIC price?What is the current support level for MATIC price?What does the Relative Strength Index (RSI) indicate about the trend of MATIC price?What would invalidate the bearish prediction for MATIC price?

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