Polygon Price Prediction As MATIC Plunges 5% In A Week, And Altcoins Take A Bearish Outlook

Last updated: June 17, 2024

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Polygon Price Prediction As MATIC Plunges 5% In A Week, And Altcoins Take A Bearish Outlook

The polygon price (MATIC) has dived 5% in a week and 2% in the past 24 hours to trade at $0.6050 as of 4:30 am. Despite the plunge, its trading volume has soared 23% to $251 million in the past 24 hours.

It comes as the cryptocurrency ecosystem remains bearish, with altcoins taking their cues from the Bitcoin price. BTC, which is down 5% in the last 7 days, is currently exchanging hands for $65,714.

Study #bitcoin Dominance

many people targeting for new lower prices on #Altcoins but when last time bitcoin crashed it showed us a new game .

Bitcoin dominance went down with bitcoin and #altcoins did not visit the last lows .

not all altcoins but the strong ones won't give… pic.twitter.com/kJphLEqqPY

— LA𝕏MAN (@Theblockvlog) June 17, 2024

The Polygon Governance Hub

Polygon has advanced its decentralized governance with the Polygon Governance Hub, which empowers users and builders to influence Polygon’s central role development.

introducing the Polygon Governance Hub — a unified & transparent interface for community governance, developed with @AragonProject.

built hand-in-hand with the community, the hub marks the next chapter of Polygon governance and community ownership.

more on what this means 🧵 pic.twitter.com/CrAg6QwKwG

— Polygon | Aggregated (@0xPolygon) June 14, 2024

Developed with Aragon, the Polygon Governance Hub is a unified and transparent interface for community governance. Moreover, the hub marks the next chapter of Polygon as a more inclusive and decentralized approach to governance. This means that community feedback and participation are core to the decision-making process.

Through continuous feedback integration, Polygon aims for a robust, transparent governance system aligned with user interests.

Polygon (MATIC) Statistical Data

Matic price now – $0.6050
Matic market cap – $5.9 billion
Matic total supply – 10 billion
Matic circulating supply – 9.8 billion
Matic ranking – #18

The polygon price has formed lower lows in a falling wedge pattern, signalling a bearish thesis. Over the past ten days, MATIC’s price broke below the consolidation between $0.75 and $0.63. As a result, the altcoin is seen exchanging hands at $0.60 within the falling wedge, which signals a continuation of the bearish trend.

Backed by the technical indicators, the polygon price is trading below the 50-day and 200-day SMA(Simple Moving Averages), indicating intense selling pressure, therefore giving the bears the upper hand.

Moreover, the Relative Strength Index (RSI) is below the 50-mean level, tilting the odds in favour of the bears. Currently sitting at 43, if the Bears take advantage of the market, they might dive the price to the oversold region 30-mean level, heightening the selling pressure.

On the other hand, the MACD( Moving Averages Convergence Divergence) remains in negative territory, holding below the orange band of the signal line.

Polygon Price Prediction

The Polygon price is attempting a recovery rally despite the big-picture bearish outlook. With the current outlook, however, the odds lean in favour of the downside, and Polygon holders may see further losses for now.

This could cause the Polygon price to drop to retest the 0.5740 support level, providing another buying opportunity for the bulls who missed the previous jump.

In a dire case, if buyer momentum increases, the Polygon price could overcome resistance. A stable candlestick close above the $0.6880 resistance level, which coincides with the 200-day SMA, would confirm the breakout.

In a highly bullish case, the gains could see the Polygon price reclaim the psychological level of $0.7510, last tested on 21 May.

Bottom Line

Despite the presence of green candlesticks over the past two days, the Polygon native token is bound for a decline. However, the future trajectory of the MATIC price remains uncertain. As of now, it remains to be seen whether further downside movement is in store or if the bulls will take a buyback campaign at the current support level, offering opportunities for bullish investors.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Emmaculate Araka

Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.

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