The cryptocurrency market has recorded massive price volatility over the past few days. Moreover, the market leader, Bitcoin price has displayed a significant plunge after reclaiming $70K over the past weekend.

On the other hand, the Polygon price has continued to display a neutral trend since the month started, indicating a weak bullish sentiment for it in the crypto space. With the rising volatility, will MATIC price record a bullish reversal and head toward its $1 mark or plunge to new lows?

Polygon (MATIC) Crypto Price Action:

Despite increased price volatility in the crypto space over the past few weeks, the MATIC token continues trading under a bearish sentiment by losing 1.12% within the past day with a trading volume of $189.42 Million. Further, it has lost 2.73% within the past week and 6.47% over the past month.

Furthermore, the Polygon crypto token has formed a symmetric triangle in the 1D time frame and is on the verge of breaking it, the outcome of which is uncertain.

With a Year-to-Date (YTD) plunge of 46.57%, the Polygon token is presently listed at 21st position with a trading price of $0.5126 and a market capitalization of $5.127 Billion.

Polygon Market Sentiments:

The technical indicator, MACD, shows a constant flatline in the 1D time frame. Further, its averages display a similar trend, highlighting uncertainty in future price action.

On the other hand, the Relative Strength Index (RSI) continues hovering close to its halfway market. However, its average trendline shows a bullish convergence, suggesting a mixed sentiment in the crypto space.

Will MATIC Price Again?

If the bulls break out of the triangle pattern, the Polygon price will regain momentum and prepare to test its resistance level of $0.690. Maintaining the price at that level will set the stage for the MATIC price to attempt to test its upper resistance level of $0.890 during the upcoming weeks.

On the contrary, if the bears overpowered the bulls, the MATIC crypto will break down its important support level of $0.50 and plunge towards a new yearly low.

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