Is there Hope for Polygon MATIC to Bounce Back after Dropping from the Top 20

Polygon has lost its position in the top 20 crypto rankings and has been overtaken by Litecoin, as trading volume for MATIC has surged 136% in the last 24 hours. The market has been bearish, with Bitcoin reaching a two-month low of $57,800. Ethereum is down 4%, Solana has fallen by 9%, and Polkadot has plummeted by 7%. MATIC hit a nine-month low of $0.5058 and dropped 7%. Despite this, its trading volume has increased significantly. It is currently trading at 82% below its all-time high and down 26% over the past month. The daily RSI is at 35, indicating selling pressure and increased supply on exchanges. Analysts predict a bullish reversal with a potential price increase of 70%-80% in the coming weeks. The daily chart shows that MATIC is trading below the critical support level of $0.5314, with the 9-day EMA at $0.5501. Sustaining momentum is crucial for MATIC bulls, with the next significant milestone at the $0.6292 mark and $0.6692 in sight if there is an upward trend. Consensys has acquired Wallet Guard to strengthen MetaMask security.