Polygon price has extended the week’s losses s is now trading within a fresh horizontal channel. According to CoinGecko, its market cap has dropped by 3.9% over the past 24 hours.
Notably, the downtrend observed in this altcoin is a reflection of the broader crypto market. The global cryptocurrency market cap has remained below $3 trillion. It is currently at $2.75 trillion; down by 5.7% from the previous session. Bitcoin, which often sets the trajectory for altcoins, has had its market cap drop by 3.2% over the past 24 hours.
Polygon price prediction
MATIC is trading within a new range after plunging in the previous session. For five sessions, the cryptocurrency remained within a horizontal channel of between 1.6232 and 1.7873.
After the two-session decline of 13.57%, Polygon price is now within a fresh range. The prior lower border is now the upper border while the channel’s lower border is now at 1.4767. At the time of writing, it was down by 3.04% at 1.5243.
On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. With an RSI of 29, it is in the oversold territory.
Polygon price will likely remain within the horizontal channel of between 1.4767 and 1.6232 in the near term. A move below the lower border would have the bears targeting 1.4000. On the upside, a rebound past the upper border will have the altcoin back into the prior range.