The token of Polygon, MATIC, is trading in bearish territory with its Relative Strength Index (RSI) sitting at 38 — a level that typically points to continued selling pressure. The cryptocurrency is now below all its major moving averages, and technical indicators suggest a 65% probability that the price will test the $0.31 lower Bollinger Band within the next 10 days. With the critical $0.38 support level weakening, traders are watching for a potential breakdown below $0.30.
Why the RSI matters
An RSI reading of 38 places MATIC in the lower half of the neutral-to-bearish range. The index, which measures the speed and change of price movements, has not signaled an oversold condition yet — that would require a reading of 30 or below. The current level means sellers are still in control, and the token has not found a bottom that would typically attract bargain hunters.
Price action below moving averages
MATIC is trading under its 50-day, 100-day, and 200-day moving averages, a configuration often referred to as a 'death cross' when the shorter-term averages cross below longer-term ones. The fact that the price is below all three thresholds simultaneously suggests the trend has weakened over multiple time frames. Without a catalyst, the token may struggle to reclaim those levels.
Bollinger Bands point lower
The lower Bollinger Band, currently at $0.31, represents a price level that is two standard deviations below the 20-day simple moving average. A 65% probability of hitting that band within 10 days implies the current volatility and downward momentum are strong enough to push MATIC to that threshold. If the band breaks, the next major psychological support sits at $0.30, and below that, the floor could give way entirely.
The $0.38 level under fire
The $0.38 price point has acted as a support zone in recent sessions, but it is now under repeated pressure. A close below that level would confirm the breakdown and likely accelerate selling. The next few trading days will tell whether buyers step in to defend $0.38 or whether the token slides toward the lower band and beyond.
