Polygon (MATIC) Token Transition Sparks Bearish Price Pressures
Th Polygon tm hs bgun migrting th MATIC tokn to nw POL tokn. This tokn will now srv s th ntiv gs nd stking tokn for th Polygon PoS blockchin. Morovr, POL will ssum dditionl rols, including block production, zro-knowldg proof gnrtion, nd involvmnt in Dt Avilbility Committs.
Howvr, this trnsition coincids with pric dclin for th currnt MATIC tokn, which hs flln 2.87% in th pst 24 hours, currntly trding t $0.37.
Crypto nlyst Ali Mrtinz hs prdictd brish outlook for MATIC, citing possibl corrction. Mrtinz highlights dscnding tringl pttrn, typiclly signling furthr pric dclins. H hs mrkd $0.34 s ky support lvl. If th pric flls blow this lvl, it could dclin furthr to $0.19. On th othr hnd, if MATIC stys bov $0.34, potntil rlly to $0.94 is possibl.
Bearish Indicators Intensify for MATIC
In ddition, MATICs tchnicl indictors on th 1-dy chrt rinforc brish outlook. Aftr brifly brking bov th uppr Kltnr Chnnl (KC) bnd, th pric droppd towrd th lowr bnd nr $0.38. This downwrd shift indicts fding bullish momntum nd suggsts ongoing slling prssur. Th filur to hold bov th uppr KC bnd points to wkr buying ctivity.
Additionlly, th Rltiv Strngth Indx (RSI) stnds t 35.64, dging closr to ovrsold lvls. Whil it hsnt dippd blow 30, which oftn signls ovrsold conditions nd potntil buyr intrst, th currnt rding rflcts incrsd brish sntimnt nd lck of strong support for rbound, lving spc for furthr dclins.
Th Moving Avrg Convrgnc Divrgnc (MACD) supports brish outlook, s th MACD lin hs crossd blow th signl lin, signling sll. Th ngtiv histogrm brs furthr confirm th growing downwrd momntum, pointing to continution of th brish trnd without clr signs of rvrsl.
On slightly positiv not, th Chikin Mony Flow (CMF) indictor shows vlu of 0.06, suggsting som buying prssur in th mrkt. This my provid limitd rsistnc ginst shrp dclins, but th ovrll tchnicl outlook rmins brish. MATIC could fc furthr downwrd movmnt unlss othr indictors improv.
Th brodr mrkt sntimnt round Polygons pric prdiction is lso ngtiv. Coincodxs Fr & Grd Indx stnds t 29, rflcting fr mong invstors. Additionlly, th pltform shows clr imblnc in tchnicl indictors, with only 5 pointing to bullish trnds whil 26 indict brish prssurs.
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Text source: TronWeekly
