MATIC struggles to break past $0.75: Is $1 a pipe dream?

MATIC appears stuck in a bearish loop and is unable to come out. How will Polygon move on from this bearish drop?

Bearish sentiment prevails as MATIC traded below the Ichimoku cloud and all three moving averages.Over the last 30 days, Polygon’s price hasto stay above $0.75, experiencing a downtrend that has seen its value drop to $0.61 at press time.

Despite these efforts, each rally was met with a sharp reversal, indicating strong bearish pressure at these higher price points.On the downside, MATIC has established clear support around the $0.57 and $0.61 marks. These support levels are areas where buyers have historically stepped in, preventing further declines.

However, it hasn’t ventured into overbought territory , which aligns with the lack of sustained upward momentum in the price.The Ichimoku cloud, visible on the chart, suggested a bearish outlook as the price moved beneath the cloud at press time.

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