While the majority of the cryptocurrency market is struggling in the bearish season, Polygon (MATIC) has been no exception, and machine learning algorithms do not seem to see any signs of bullishness in the crypto asset’s future by the end of the month.
Indeed, the analysis of the cryptocurrency monitoring and forecast platform PricePredictions currently suggests that the price of Polygon by June 30, 2023, would drop to $0.567125, according to the latest data retrieved by Finbold on June 15.
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Specifically, the machine algorithm’s collective examination of technical analysis (TA) indicators, such as moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), and others, suggest that the price of MATIC would decline by nearly 5% compared to its price at present.
MATIC price analysis
At press time, MATIC was changing hands at the price of $0.5966, which represents a decline of 9.18% on the day, 23.60% across the past week, and 30.07% over the previous month, as it also records a drop of 19.81% since the year’s turn.
In terms of the technical analysis sentiment for Polygon’s token on 1-day gauges over at the finance and crypto analytics platform TradingView, it is largely pessimistic as well, its summary suggesting a ‘sell’ at 15, as the oscillators point at a ‘neutral’ at 8 and moving averages (MA) indicate a ‘strong sell’ at 14.
Polygon developments
It should also be noted that Polygon was one of the three prominent digital assets to be delisted by the crypto exchange Robinhood after the United States Securities and Exchange Commission (SEC) labeled them as unregistered securities, as Finbold reported on June 9.
That said, MATIC is currently one of the top three trending cryptocurrencies over at the crypto tracking platform CoinMarketCap, preceded only by Pepe (PEPE), which is still riding the meme hype, and Cardano (ADA) that has joined Polygon in pushing back against the SEC’s ‘security’ label.
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