Cramer’s pessimistic argument appears to have determined the stance of traders. In the last 24 hours, the value of Polygon (MATIC), one of the coins mentioned by Crammer, dropped by 1.85%.
Read CRYPTONEWSLAND onThis pessimistic outlook is supported by the fact that market capitalization has dropped by 2.40%, reaching $7,940,565,685 recently. The rise in trading volume by 20.38% to $280,387,141 indicates that the competitive pressure to sell is getting stronger.
As the short-term MA drops below the longer-term MA, it signals a bearish crossover and suggests the current trend will continue. This is shown by the fact that the 50-day moving average (MA) is at 0.8975 and the 200-day MA is at 0.9367. The bears’ grip is strengthened as the price moves closer to the shorter time frame.
When a ” Sell” signal appears on the 4-hour price chart with a reading of -0.18, it is evidence that seller pressure is increasing in the MATIC market, indicating an order for a short position.
In a sell-off, a dipping BOP line indicates that bears are gaining ground. For as long as MATIC’s price remains below “0,” bears are likely to maintain control of the market. However, a reading near the zero line indicates that they are balanced and can signal a turnaround, as seen on the 4-hour price chart, where the BOP is currently at -0.57.
With a reading of 0.0019 on the MACD line, bears are in control of the market. This is corroborated by the moving MACD line being below the signal, in negative territory, indicating a continuation of the bearish trend.This downward trend in the MATIC price is backed by the histogram’s negative slope (-0.0033).
In conclusion, the matic price analysis is bearish, and this is expected to continue unless the bulls persist in trying to rectify the market.
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