Facing a bearish phase, MATIC is currently trading at $0.61, with an RSI of 38.40 indicating selling pressure. The altcoin market has been under the control of bears lately, lacking significant momentum. Despite expectations for growth and changes, most coins are moving slowly. However, MATIC, the native token of Polygon, stands out with its performance compared to the broader crypto market, having underperformed across recent time frames.
Community expectations for bullish corrections in recent months have not been met by MATIC, as its price has remained relatively stable. Over the past 30 days, Polygon’s price has struggled to break resistance and surpass $0.75. Currently, it is on a downtrend, with its value dropping to $0.61, marking a 1.05% decline in the last 24 hours. The daily trading volume is at $211 million, and three days ago, MATIC hit a two-month low of $0.57.
Polygon Labs recently announced a Community Grants Program (CGP) on June 11, 2024, distributing 35 million MATIC tokens, valued at around $24 million, to builders within the Polygon ecosystem. Applications for the CGP will be open from June 11 to August 31, with plans to allocate 1 billion POL, Polygon’s future replacement for MATIC, over the next decade.
Over the past week, MATIC has seen a 7.10% decline, with its price at $0.65 on June 11. In the last month, it has dropped by 14.52%. The daily RSI is at 38.40, indicating oversold conditions, while the 9D EMA is at $0.6058.
Analyzing the 24-hour price chart, MATIC’s initial resistance is at around the $0.67 range. If it continues on an upward trajectory, the next resistance levels to watch are at $0.78 and then $0.90. Conversely, if bearish trends persist, MATIC’s price could fall to $0.56, with further declines potentially reaching a support level of $0.50. Continued bearish dominance could push the price down to the $0.40 range.