MATIC price has been on a bearish trajectory for the past few days. In the last week, the coin has not made any progress in terms of price appreciation. However, in the past 24 hours, MATIC’s market cap has risen by 2%.
Currently, Polygon MATIC is priced just below the $1 price mark. The price of MATIC has been below the $1 mark for several months, and every time the bulls start to pick up momentum, the coin encounters selling pressure.
In order for MATIC to completely invalidate the bearish thesis, it is important for the coin to trade above $1 for a considerable period of time. The technical outlook for the coin has turned positive, but if buying power is not consistent in the coming sessions, this positive reading could quickly lose momentum.
Currently, MATIC has an increase in the number of buyers compared to sellers. MATIC price still has to meet strong resistance at the $1 mark. The coin has not been able to break this resistance for several months. A small price drop would push MATIC to $0.74 before another potential rally.
MATIC Price Analysis: Four-Hour Chart
At the time of writing, the altcoin is priced at $0.92. The MATIC price is near its $1 price mark, and bulls attempted to push the price towards the $1 mark late last month, but were invalidated by sellers in the market. Strong overhead resistance for MATIC lies at $1.
A decline from current price levels would take the altcoin down to $0.73 and then eventually to $0.68. MATIC volumes in the previous session were down on the chart. The reading correlates with a decline in the selling strength of altcoins in the market.
Polygon’s MATIC price has recovered significantly since the middle of last month. Despite the recovery, MATIC once visited oversold territory and saw an increase in the number of sellers compared to buyers.
However, as of press time, buying power is still outweighing selling pressure.
As buyers outnumbered sellers, the RSI was just above the half line, indicating bullishness.
MATIC price is above the 20-SMA line. The price of the altcoin has also managed to break above the 50-SMA. Both observations point to the price momentum buyers are driving the market.
Altcoins have managed to paint mixed technical signals. MATIC caught a sell signal on its four-hour chart. Moving Average Convergence Divergence describes price momentum and trend reversals.
Despite the slight price increase, the indicator experienced a bearish crossover and flashed a red signal bar. A red signal bar indicates a sell signal on the chart.
Chaikin Money Flow is responsible for determining capital inflows and outflows.
The CMF is standing above the half line, entering the positive zone, as the capital inflow of the token is greater than the outflow. Broader market strength and buying pressure would be required for MATIC to surge above $1.
Featured image from The Face and chart from TradingView.com