Polygon (MATIC) Price Shows Signs of Extended Consolidation

Tuesday, 7 May 2024, 10:30
Polygon (MATIC) is struggling to break out of its consolidation phase as major resistance hinders its recovery. The Relative Strength Index (RSI) indicates a bearish sentiment, complicating MATIC's price movement. Failure to surpass resistance levels could lead to continued consolidation and a potential price decline.
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Polygon (MATIC) Price Shows Signs of Extended Consolidation

Polygon (MATIC) Price Extended Consolidation Signs

Polygon (MATIC) continues to remain within a consolidation range, facing significant resistance that hampers its breakout. The Relative Strength Index (RSI) reflects prevailing bearish signals, keeping MATIC's price below the neutral line of 50.0. Investors are holding a substantial amount of MATIC bought at prices from $0.71 to $0.77, awaiting profitable exits. Unless MATIC surpasses the $0.74 mark and demonstrates bullish momentum, a further decline towards the $0.60 support level may be anticipated.

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