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The MATIC price correction trend formed a new lower high at $0.891 and tumbled aggressively in the last five weeks. This downfall registered a 40% loss and evaporated the entire gain accumulated in the June-July rally. The falling prices may soon hit June 2022 at $0.509 to find suitable support. Can yearly support recuperate enough bullish momentum to kickstart a new recovery
Also Read: MATIC Price Heading to $0.5 Support; Buy this Dip?
MATIC Daily Chart: Key Points
- A bearish breakdown below $0.509 could extend the correction trend to $0.4 psychological support
- An ascending trendline wavering near the $0.4 mark has remained intact for over two years and therefore could offer a high area of interest for a potential bullish reversal.
- The intraday trading volume of the MATIC coin is $292 Million, showing a 15% gain.
Source- Tradingview
The polygon coin shows an evident V-top reversal from the $0.89. This downfall associated with rising volume indicates the sellers are aggressive and will lead to a prolonged correction in the near future.
Despite a significant price drop on August 17th triggered by broader market sentiment, the MATIC price continued a downward march, accentuating the active selling momentum. By the press time, this thirteenth largest cryptocurrency trades at $0.538, with an intraday loss of 3.34%
If the selling sentiment persists, the polygon coin could give a breakdown below the $0.509 support, The post breakdown may tumble the prices by 25% and hit a long-coming support trendline.
Can Polygon Coin Recovery Back to $0.9?
While the MATIC price behavior reflects the continuation of a downward trend, the coin buyers can obtain a long opportunity after a breakout of the overhead trendline. This resistance trendline is currently carrying the correction, and therefore its breakout could assist buyers to rechallenge the $0.07 or $0.9 barrier
- Bollinger Band: The downtick in the lower band on the Bollinger band indicator reflects the selling momentum is still aggressive.
- Moving Average Convergence Divergence: A bearish alignment between the MACD(blue) and signal(orange) project a downtrend sentiment.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
