Quite a few things have happened in the life of MATIC. For starters, MATIC is now called Polygon, with a new symbol, POL. I must admit some confusion. There is a cryptocurrency called Proof of Liquidity with the same crypto-symbol POL. Although this crypto is less than one US cent, having the same symbol is still baffling. Anyway, we are not discussing crypto-symbols but currencies.
Let us start with the weekly chart. Laguerre RSI is flat, indicating that the price is likely to have bottomed out. The choppiness index is currently at a value of 38.02. What this means is the use of a considerable amount of energy. You can expect non-linear behaviour, such as a one-day pullback. Few trends come to an abrupt end, but probabilities have increased for a reversal or consolidation. Nevertheless, when the higher timeframe shows weakness in market energy, we must pay attention and be alert.
On the daily chart, we see a series of lower highs and lower lows. A downward trend, if there ever was one. Earlier in the day, MATIC's price was $0.51, touching the discount region. It is most likely we will see a revisit of the discount region. The reason is that right above the price action lies above the price. This area also acts as resistance and may do so again.
When I mention the glory days, I mean when MATIC was almost $3.00. Considering the current price range of MATIC, its price has fallen some 83%. It will likely take a while before we return to the heady days of $3.00. When we look at BTC dominance, we might want to bear in mind that liquidity is leaving the Altcoins and going to Bitcoin. As long as this continues, we can expect a bumpy ride in the price of MATIC. Finally, please don't ask for a future price, because your guess is as good as mine.
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