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Polygon (MATIC) Price Attempts Reversal, But Technical Analysis Indicates Prevailing Bearish Sentiment

In the past day, Polygon's (MATIC) price has attempted to reverse its downward trend, gaining over 4% in value. However, on a weekly chart, MATIC has experienced a decline of over 27%, breaching important support levels.

Technical analysis suggests a bearish sentiment in the market with low demand and accumulation. MATIC's price action has been influenced by Bitcoin's volatility, and a significant return of buying strength is needed for MATIC to surpass immediate resistance. The altcoin's current price is $0.64, with the bulls defending the support level at $0.60, but sustained low demand could pose challenges for them to maintain it.

Bitcoin Bitcoin $98,028.08
+3.4%
Polygon
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