• Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap after a 2,47% drop in the last 24 hours.
• MATIC’s price currently stands at $1.23.
• Technical indicators suggest that the bearish trend is not over yet for MATIC.

Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap, with a total market cap of $9,600,651,010. Its market cap has dropped by 2.47% following a drop in MANA’s price in the last 24 hours. At the moment, MATIC is ranked under Cronos (CRO) in 17th position and above Dai (DAI) in 19th position.

MATIC’s price stands at $1.23 at the time of writing. This translates to 0.00003099 BTC and 0.0004193 ETH, as MANA also weakened against the two by 2.56% and 3.29% respectively.

When looking at the longer time period, MATIC’s price has also dropped by 13.49% over the last seven days.

The 24 hour trading volume of MATIC amounts to more than $470 million. This is a 9.62% drop from the number seen yesterday.

A number of TA indicators confirm bearish MATIC trend (Source: TradingView)

Much like the rest of the cryptos in the market, a Death Cross has formed on the daily chart – signaling a transition into a bearish trend for MATIC. The Death Cross happened on the 22nd of April this year as the 15 EMA crossed below the 50 EMA.

Another indication that MANA has entered into a bearish trend is the price movement happening between the lower and middle levels of the bollinger bands. Plus, the shorter 15 EMA has been unable to rise above the middle level of the bollinger bands. This, coupled with the increasing gradients of the EMAs as they diverge from each other, shows that the bearish trend is not over yet.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Continue reading on CoinQuora