- MATIC witnessed a decline in bullish momentum and has lost hold of the $0.74 psychological support.
- Buying pressure was weak as the CMF hovered around the zero line.
- Traders might likely short/sell MATIC in the near term since the 50 EMA crossed over the 20 EMA.
Polygon (MATIC) brief dip below $0.78 has turned out to be an event that has lasted a whopping five days. Over the last 24 hours, the altcoin had lost 2.32% of its value. But its last 30 days’ performance was controlled by the bulls where MATIC increased by 6.61%.
Currently, the MATIC/USD 4-Hour chart shows that the altcoin was hovering around a tight support zone at $0.71. Due to decreased demand, MATIC’s buying strength has been cut off. This indicates bearish dominance around $0.72.
For MATIC to regain bullish momentum, the price must rise above the $0.74 psychological level. But if selling pressure outweighs demand, then the recovery attempt could be quenched.
Furthermore, bears have pushed down bullish control, as indicated by the Awesome Oscillator (AO). At press time, the AO was -0.0302.
The AO, being in the negative territory, indicates that the 5-period Moving Average (MA) was less…
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The post MATIC Price Plunges, Have the Bulls Finally Lost Control? appeared first on Coin Edition.