The cryptocurrency market has witnessed intense volatility in recent times, with major coins experiencing bearish sentiments. One such coin that has been the center of attention is MATIC, which recently broke out from its Rising Wedge pattern in a distinctly bearish manner.

This breakout has sparked concerns amongst investors regarding the short-term and long-term trajectory of this otherwise promising crypto asset. In this article, we analyze the intricacies of the downtrend MATIC finds itself in by assessing metrics like market trends, momentum indicators, and critical support and resistance zones.

MATIC coin is currently experiencing a pervasive downtrend across all time horizons, encompassing short, medium, and long-term perspectives. This downtrend is characterized by the coin’s price reaching a $0.50 support level, a critical point that held up in June and is speculated to potentially hold up again. However, the overarching trend for MATIC remains downward, prompting investors to remain vigilant and consider setting price alerts to monitor the coin’s movements closely.

According to altFINS’ data, the momentum for MATIC coin presents a mixed scenario. The Moving Average Convergence Divergence (MACD) line is positioned above the MACD Signal Line, indicating a bullish momentum. However, this optimism is tempered by the Relative Strength Index (RSI) being below 45, signaling a bearish momentum.

This dichotomy in momentum indicators suggests a degree of uncertainty in the coin’s future movements. Additionally, the declining MACD Histogram bars are indicative of weakening momentum, hinting at a potential decrease in buying pressure in the upcoming period.

Source: altFINS – Start using it today

In terms of support and resistance, MATIC coin’s nearest support zone is firmly placed at $0.50. This level is crucial as it has proven to be a reliable support in the past, particularly in June. On the flip side, the coin faces its nearest resistance zone at $0.75, followed by a more substantial resistance at $1.00. These resistance levels are pivotal as they represent the price points that MATIC needs to surpass to shift the prevailing downtrend.

The coin’s ability to maintain support at $0.50 will be crucial in determining its resilience in the face of bearish market forces. Meanwhile, the resistance zones at $0.75 and $1.00 serve as significant hurdles that MATIC needs to overcome to alter its current market trajectory.

Investors and traders are advised to monitor MATIC’s price movements closely, paying heed to the support and resistance levels, and to remain alert to any significant changes in momentum. The mixed momentum, characterized by contrasting MACD and RSI indicators, necessitates a cautious approach, and potential investors should conduct thorough research and consider various market factors before making any investment decisions in MATIC coin.

The post Polygon (MATIC) Coin Faces Uphill Battle After Bearish Breakout – Here are Key Support and Resistance Levels appeared first on CaptainAltcoin.

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