MATIC Price Analysis: With Altcoins Falling Left and Right, Will MATIC Price Float Above $0.60?
Qadir AK16 Aug 20231 min read
With Bitcoin returning to the $29K mark after a 1.02% drop in the last 24 hours, altcoins enter a bear frenzy. Polygon ranks high in the bear chart with a 9.14% fall in market value in the last 48 hours.
With a sudden increase in selling pressure, the MATIC coin price reverts from the resistance trendline. The sharp fall even breaks under the $0.65 mark and approaches the bottom support at $0.60.
The spike in intraday trading volume intensifies the 5.97% drop last night as the MATIC prices break under $0.65. Moreover, the crazy selling trend continues with a 3.02% fall today, at press time, ready to challenge the $0.60 support zone.
Coming to the technical indicators, the MACD and RSI indicators support the ongoing bearish trend. The MACD and signal lines fail to give a bullish crossover and revert to a bearish alignment. Meanwhile, the RSI indicator shows a quick return to the oversold boundary.
Will MATIC Coin Price Sustain Above $0.60?
With the sharp selling pressure clear as day in the altcoins, the MATIC price will struggle to find a reversal spot. However, the solid bullish dominance at the $0.60 support zone might be able to absorb the selling pressure. Therefore, buyers may find the drop to $0.60 as an entry spot.
In case of a bullish reversal, the MATIC price can reach the 50-day EMA close to the $0.70 mark. On the flip side, a drop below $0.60 will test the psychological mark of $0.50.
