Polygon’s native token MATIC continues to face selling pressure around the psychological resistance level of $0.8300, with its market value dropping by 14% over the past week, indicating a potential downward price correction. The price fluctuation between $0.80 and $0.90 in recent days has resulted in a narrow trading range, with MATIC currently trading at $0.8402, hinting at a possible short-term downtrend.
Despite a recent drop of over 2.5% in the last 48 hours, MATIC has shown a general recovery from its lowest recent levels, maintaining a positive short-term outlook. Prominent crypto analyst Ali shared his optimism on social media, suggesting that MATIC could revisit the $0.96 level by the end of January 2024, driven by increased buying pressure and interest due to the transition to Polygon 2.0.
If MATIC’s price remains above the $0.0800 support level, it has the potential to rise to the resistance level of $0.9600, which could pave the way for the price to exceed $1 in the future. However, continued downtrends could break current support levels, leading to potential short-term selling pressure.
Technical indicators in the last 24 hours mostly signal a buying trend, suggesting a potential bull run. The MACD indicates a downturn as the blue MACD line crosses over the red signal line, while the Relative Strength Index (RSI) is at a neutral level of 44.17, indicating market balance. Converging Bollinger Bands suggest a high probability of increased volatility in the coming days.