Several Technical Indicators Confirm Bearish Trend For MATIC -Breaking
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Multiple Technical Indicators Support Bearish Trend for MATIC- Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap after a 2,47% drop in the last 24 hours.
- MATIC’s price currently stands at $1.23.
- MATIC’s bearish trend may not be over, according to technical indicators.
Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap, with a total market cap of $9,600,651,010. Its market cap has dropped by 2.47% following a drop in MANA’s price in the last 24 hours. MATIC currently ranks under Cronos(CRO), in 17th place, and above Dai [DAI] in 19th.
MATIC’s price stands at $1.23 at the time of writing. As MANA has also suffered a decline in value against them by 2.56% and 3.29 respectively, this translates into 0.00003099 BTC or 0.0004193 ETC.
When looking at the longer time period, MATIC’s price has also dropped by 13.49% over the last seven days.
MATIC has more than $470 Million in 24 hours of trading volume. This represents a drop of 9.62% from yesterday.
A variety of TA indicators support a bearish MATIC trend. Source: TradingView
Much like the rest of the cryptos in the market, a Death Cross has formed on the daily chart – signaling a transition into a bearish trend for MATIC. As the 15 EMA passed below 50 EMA, the Death Cross took place on 22/04/2018.
A price swing between the lower and mid-levels of the bollinger band is another indication that MANA is in a bearish mode. Additionally, the 15 EMA shorter than the bollinger bands has not been able to increase above the middle level. The bearish trend continues, as evidenced by the diverging EMA gradients.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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