The crypto market has recorded a consolidated price action after trading under a bearish sentiment for over a week, giving its investors a sign of relief. However, the altcoin leader, Ethereum Price, continues its struggle to surpass the $3.4K mark, resulting in top altcoins recording a price similar trend.
Furthermore, Ethereum’s Layer-2 (L2) project, the Polygon price has continued to display a negative price action, highlighting a rising disinterest of investors in this crypto token. With the increasing market volatility, will Polygon (MATIC) price make a comeback or plunge to new lows?
Polygon Price Hints A Bullish Reversal?
Amid increased bearish sentiment in the cross-border market, the MATIC price has dropped 1.21% within the past 24 hours with a plunge of 33.42% in its trading volume. Further, the Polygon token has lost 21.99% within the past 30 days and has erased 42.24% in valuation this year.
Furthermore, the Polygon coin price has formed a triangle pattern in the 1D time frame and has continued to trade within it since mid-March. Moreover, the altcoin is on the verge of breaking the pattern, the outcome of which is unpredictable.
With a trading price of $0.5597, a circulating supply of 9,874,443,895 MATIC, and a total supply of 10 Billion MATIC tokens, the Polygon crypto has successfully secured the 19th position in the global cryptocurrency list with a market capitalization of $5.535 Billion.
MATIC Market Sentiments:
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram, indicating increased price action for MATIC crypto in the market. Moreover, the averages record a high possibility of a bullish convergence, suggesting a potential bullish outlook.
On the other hand, the technical indicator, SMA is on the verge of experiencing a positive crossover, highlighting an increase in the buying and selling pressure for the Polygon token in the crypto space.
Will Polygon Reach $1 In 2024?
If the market regains momentum, the MATIC coin price will start trading under a bullish sentiment and test its resistance trendline of the triangle pattern. Maintaining the price at that level will boost the Polygon price toward its upper resistance level of $0.690 in the coming time.
Conversely, if the bears continue to dominate the bulls, the MATIC price will plunge toward its crucial support level of $0.50 during the upcoming weeks.
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