Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?

Polygon (MATIC) is below the $1 mark today as the bears continue to pressure its price. From April 19, 2023, it moved into a downtrend gradually to its current price level of $0.966 today.
The recent price volatility and decline experienced by Bitcoin and Ethereum seem to have a ripple effect on other tokens in the market. However, MATIC remains above its January 1 price of $0.76 despite the decline, holding onto most of its gains.
Nevertheless, a sweep of previous lows remains possible if the b