The bulls had been trying their best to form a rally strong enough to break through the 50-day EMA ($1.69) but found no luck. On March 1, the bulls reportedly increased their buying power to push Polygon (MATIC) to a higher value. Despite all the efforts, the bulls were not able to cross the 50-day EMA.
Although the buyers did manage to hit the $1.69 per MATIC value, they were not able to sustain it. Soon, the bulls sold Polygon at a much higher rate, subsequently moving Polygon to a lower figure. After hitting the peak price of $1.69 per MATIC on March 2, Polygon ended up hitting the all-day lowest price of $1.61 per MATIC before rebounding.
From there, the price of Polygon has only sunk deeper into the negative zone. As of now, the value of Polygon is at $1.44 per MATIC, and the technical analysis is indicating an even worse trend for Polygon. Polygon has reportedly experienced a 3.92% dip in the past 24-hours, which has only moved the technical factors for MATIC into the negative territory.
Technical Factors Indicate 15:1 (Sell:Buy) Sentiments
At the moment, the technical factors for Polygon are within the negative zone. This is a strong indication of Polygon falling deeper into the negative territory, as the investors are eager to sell MATIC.
The moving averages for Polygon are showing (sell:buy) ratio of 13:1, while the oscillators are showing a 2:0 ratio. The summary scale is showing the sell:buy ratio to be at 15:1.
The relative strength index for Polygon is at 40.546 and the ultimate oscillator is also at 43.913. These factors make it crystal clear for the bulls that they have no choice but to wait it out and observe the bears. They will need to wait until the bears push it down to their desired value, and then push back with their buying power.
Descending Movement of Polygon
Going forward, the bears may demonstrate a lot of intensity in selling Polygon and pushing its price even lower. Their selling spree would trigger a strong negative trend for Polygon, pushing its value down to $1.32 per MATIC.
If the sellers keep flushing out more MATIC, the neutral investors may soon join them, forming a huge spree. This would push the price of MATIC further down to $1.21, and later on, it may plunge to $1.12 per MATIC.
Ascending Movement of Polygon
As for the positive sentiments, if the bulls somehow, manage to push MATIC over the 50-day EMA, then its price may grow over $1.82.
If the investors keep increasing their buying power, then the price of MATIC may rise all the way up to $2.09.