Among the major cryptocurrencies, Polygon has emerged as one of the most promising digital assets due to its growth. The analysis data surrounding Polygon shows it has experienced a 1.77% price surge since May 9.
Polygon is currently trading at a high of $0.8793 per MATIC but the situation was bearish more than 24 hours back. Finally, the bulls have formed a rally and have started building upon their trading price.
Past 7-day Performance of Polygon
Polygon’s trading price was at a high of $1.09 per MATIC back on May 4, 2022. Then on May 5, Polygon hit a 7-day high of $1.183 per MATIC and from there, its price began to descend. From May 5 until yesterday, the trading price of Polygon went down to $0.7999 per MATIC.
It was just yesterday when the rally was formed by the bulls, which has uplifted Polygon’s trading price. The bulls are now trying to defend their position at $0.8793 per MATIC. They are aiming to keep the rally fed up with investments to keep it stable and thriving.
Despite the attempts made by the investors and the bulls, the overall trend for Polygon is still bearish. This means that even now, the investors prefer to sell Polygon rather than accumulate it. The technical analysis of Polygon provides a clearer picture of the bearish trend.
Bearish Trend as Per Technical Factors
The summary scale for Polygon is currently supporting the “selling” sentiments of the investors. Out of the total investors 57.69% investors are siding with selling sentiments. Only a fraction of the investors is willing to buy Polygon while the rest are neutral.
The significant factors behind the summary scale include the moving averages, oscillators, RSI, and ultimate oscillator.
The moving averages scale is pointing at a “strong-selling” trend with more than 86% of investors willing to sell Polygon. The oscillators scale is confirming the investors have “neutral” sentiments for Polygon with 72.72% of investors remaining neutral.
Then comes the RSI, which is displaying a score of 31.191 followed by the ultimate oscillator, which has a score of 33.940.
Polygon’s Bearish Move
In the light of the sentiments mentioned above, it is obvious the trading price of Polygon is more prone to bearish sentiments. If the bears succeed in imposing more pressure on the bulls, then Polygon’s price may fall below $0.8793 per MATIC.
The current trading price for MATIC is considered the entrance to the strong support zone. If the bears manage to break through the strong defenses of the bulls at this mark, they may hit another low price of $0.787 per MATIC.
Going forward, the bears may continue selling Polygon bringing its trading price down to $0.674 per MATIC.