Polygon’s price analysis for the day shows that prices are continuing to fall after a 17 percent reduction earlier in the day. The price fell as low as $1.35, while trading volume dropped by 22%. Since January 22, when MATIC fell below the heads and shoulders pattern on the 12-hour chart, it has set a downward target of $1.245, which is still within reach at current prices. Polygon has also lost the first line of support at $1.44 and is now trading near the high of $1.352 set on October 2. More losses are possible as the price approaches the 127.2 percent Fibonacci mark of $0.978. MATIC has above rally to $1.978 to counteract these losses to maintain its upward momentum.
Bitcoin’s 7% drop to $33,500 set the tone for the entire cryptocurrency market, which proceeded to fall. Ethereum has plunged 11% to a little beyond $2,200, with altcoins also falling sharply. Cardano is now trading at $0.98, down nearly 14%. Terra has lost 10% of its value and is now trading at $61.22. Dogecoin fell 9% to $0.128, with Solana, Litecoin, and Polkadot falling.
Price is poised to fall more, according to the 24-hour chart of the Polygon price
The Polygon price analysis 24-hour candlestick chart indicates that the price is projected to continue down over the next 24 hours. With a market price of 27.54, the relative strength index (RSI) shows the terrible status of the current trend. At $1.764, the price is also considerably below the critical 25 and 50-day exponential moving averages (EMAs). Since the decline began for Polygon on January 18, the Moving Average Convergence Divergence (MACD) has shown bearish lows, slipping significantly away from its neutral zone.
Combined with rising sell orders, lower levels might send Polygon’s price to the 127.2 percent Fibonacci level of $0.978. Polygon may retreat to $1.721 if the price can handle some consolidation and buying pressure increases.