NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?

Eli Dambel
Eli Dambel
2 years ago
3 mins read
Polygon MATIC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Polygon (MATIC) is below the $1 mark today as the bears continue to pressure its price. From April 19, 2023, it moved into a downtrend gradually to its current price level of $0.966 today.

The recent price volatility and decline experienced by Bitcoin and Ethereum seem to have a ripple effect on other tokens in the market. However, MATIC remains above its January 1 price of $0.76 despite the decline, holding onto most of its gains.

Nevertheless, a sweep of previous lows remains possible if the bears maintain their charge. Investors and the general crypto market hope the current decline is a minor correction, not a downtrend similar to the crypto winter of 2022. 

Will MATIC Pivot Off The $0.9321 Critical Support Level?

Some major cryptocurrencies are in a downtrend, excluding a few altcoins with minor gains. The impending US rate hikes and other factors, such as rising bitcoin mining difficulty, could affect the market negatively.

Related Reading: Floki Inu Joins Binance.US And Surges By 50% As Investors Pile In

Polygon ranks number 9 on the list of cryptocurrencies and is a platform for Ethereum scaling. Also, with the recent upgrades, users can create Optimistic Rollup chains and ZK Rollup chains as required by the developer. Its multi-functionality is one of the reasons its community is optimistic about a rally in the coming weeks. 

MATIC is in a downtrend forming a third consecutive red candle on the daily chart with lower lows. It has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish trend in the short and long term. MATIC moved into the downtrend on April 19, forming a long red candle that closed below the 50-day SMA.

Also, the Relative Strength Index (RSI) is 31.91, descending into the oversold region of 30. It implies that the bears are in control of the asset’s price. However, MATIC is approaching the $0.9321 support level, which previously acted as a pivot point on January 1, 2023. MATIC’s RSI will move to the oversold region when its touches this level forcing the bulls to rally again.

Expect a price increase once the asset enters the overbought zone. The next support level is $0.7472; the resistance levels are $1.026 and $1.1914. Also, the $1 price level has become a psychological resistance point.

Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?
MATIC loses ground on the chart l MATICUSDT on Tradingview.com

MATIC has formed an ascending triangle pattern on the monthly chart; the next breakout from this pattern will be vital to its price action. It traded at the upside in February and March 2023 before retracing in April.

Related Reading: Shiba Inu Might Surge By 300% If It Maintains This Support Level

A return to the upside of the triangle is possible if the bulls rally. Also, the Monthly RSI value is 53.60 in the neutral zone but moving downward, reflecting the bearish trend in April.

Featured image from Pixabay and chart from Tradingview

Tweet123Share196ShareSend
Eli Dambel
Eli Dambel

Eli Dambel

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future.

Read more

You can follow Eli on Twitter: @EliDambel

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Price Stagnates as On-Chain Data Shows Whale Accumulation

Ethereum Price Stagnates as On-Chain Data Shows Whale Accumulation

Ethereum continues to exhibit limited upward price movement despite earlier gains last week. Over the past seven days, the asset...

Samuel Edyme 8 hours ago
Bitcoin

Public Firms Snag 131,000 BTC, Surpassing ETFs In Bitcoin Purchases

According to CNBC, corporate treasuries around the globe have surpassed exchange-traded funds (ETFs) in Bitcoin (BTC) acquisitions for three consecutive...

Ronaldo Marquez 22 hours ago
Bitcoin

Long-Term Bitcoin Holders Near Pain Point Last Seen In October 2024

According to CryptoQuant analyst Darkfost, long‑term Bitcoin holders are sitting on unrealized gains last seen during the October 2024 market...

Christian Encila 23 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Capo Of Crypto Predicts Bitcoin Price Crash Below $100,000, Doom Call For Altcoins

Scott Matherson 1 hour ago
Ethereum

Echoes Of 2020: Ethereum Signals Possible Bullish Rally After Reclaiming $2,600

Ronaldo Marquez 2 hours ago
Whales Are Quietly Repositioning, Here’s What Bitcoin’s $107K Price Isn’t Telling You

Whales Are Quietly Repositioning, Here’s What Bitcoin’s $107K Price Isn’t Telling You

Samuel Edyme 6 hours ago

Premium Sponsors

Press Releases

  • A perfect combination! ETHRANSACTION three-coin joint...

    8 minutes ago
  • Gate Launches xStocks Trading Section, Bridging Crypto...

    14 minutes ago
  • 1 Najlepsza kryptowaluta do kupienia przed wzrostem o...

    49 minutes ago
  • Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin

    Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin...

    2 hours ago
  • Các Đồng Coin Tiềm Năng: TOKEN6900 Gây Sốt, Gọi...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.