Polygon Price Analysis 05/16: Bullish Momentum in MATIC Builds Amid Bearish Pressure – Investor Bites

SNEAK PEEK

• Bullish TD sequential signal hints at potential MATIC price surge.
• Market decline prompts cautious investors to monitor MATIC closely.
• Technical indicators suggest a possible price reversal for oversold MATIC.

Positive sentiment looms in the Polygon market (MATIC) as the TD sequential presents a buy signal on MATIC’s 3-day chart, which could increase to $0.94 or even $1.05. However, in the past 24 hours, despite bulls reaching an intraday high of $0.8765, bears took control of the market and drove the price to an intraday low of $0.851.

#Polygon | The TD Sequential presents a buy signal on $MATIC 3-day chart, which could result in an upswing to $0.94 or even $1.05. pic.twitter.com/HLAVhVlcoV

— Ali (@ali_charts) May 15, 2023

Due to the intense bearish pressure, the price had dropped by 2.00% to $0.8567 as of press time. 

MATIC’s market capitalization dropped by 1.99% to $7,923,852,331, and the 24-hour trading volume decreased by 10.78% to $293,382,782 due to the recession. Investors’ uncertainty and caution as they closely monitor the MATIC market and hold off on making sizable investments until they see a recovery are to blame for this decline.

The upper and lower band values of the Kelter Channels (KC) on the MATIC price chart are 0.876 and 0.846, respectively, with the bands moving linearly, reflecting a tight range of price movement due to decreased volatility. If the price movement breaks through the bottom line, the downward trend will likely continue and offer opportunities for profit-taking or short-selling. 

On the MATIC market’s 2-hour price chart, the Commodity Channel Index (CCI), which is negative and has its line pointing south, has a value of -78.02. This movement indicates that the market is experiencing intense selling pressure and that a price reversal will likely happen soon. 

On the MATIC market’s 2-hour price chart, the Chande Momentum Oscillator (ChandeMO) shows a value of -40.00, reflecting the solid bearish hand in play. This motion, however, suggests that MATIC might be due for a brief bounce because it is currently oversold.

The Elder Force Index (EFI) is negative on the 2-hour price chart for the MATIC market and has a value of -130k, indicating that the market is under more selling pressure and may be continuing its bearish trend. This trend shows that the bulls need to exert more pressure to nullify the negative momentum in the market.

In conclusion, as MATIC faces bearish pressure, cautious investors monitor its market closely. However, technical indicators hint at potential price surges, bringing optimism to the Polygon market.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/polygon-matic-price-analysis-05-16/