Will Correction Push $MATIC Below $0.5?

Will Correction Push $MATIC Below $0.5?

The overhead resistance trendline could bolster sellers to prolong the correction trend. Should you sell now?

Published 10 seconds ago

The Polyong coin price has majorly traded sideways throughout September, indicating an indecisiveness between buyers and sellers. Nevertheless, this lateral trajectory appears to be on a collision course with a key resistance trendline reclaimed intact since February 2023. The arrival at this critical juncture could catalyze an uptick in selling pressure, prompting traders to question: will Matic lose the $0.5 level amid the anticipated correction?

Also Read: Forget BlackRock, Here’s Why Gaming Industry Could Drive the Next Bitcoin Bull Run

Overhead Supply Hints Prolong Correction

  • A potential reversal from the downsloping trendline may dump the price below $0.5
  • A bullish breakout from the above trendline may signal a trend reversal
  • The intraday trading volume of the MATIC coin is $195 Million, showing a 4.77% gain.

Polygon Price PredictionSource- Tradingview

Since mid-July, the MATIC price has witnessed a steep correction, plummeting from a $0.89 high to its current price of $0.51—a 41.8% loss that effectively wiped out the gains made during the June-July rally. While the current market sentiment remains uncertain, the coin price is moving sideways and is about to hit a downsloping resistance trend line.

With this altcoin approaching a long-standing downtrend resistance line, it’s reasonable to anticipate increased selling pressure. 

This third reversal from this trendline could trigger an 18% price decline, potentially dragging the coin price down to the next key support level at $0.42.

Can MATIC Price Recover Back to $0.69?

For those bullish on Polygon’s native coin, patience could be a virtue at this point. A daily close above the aforementioned resistance trendline would signify a pivotal shift in market sentiment, providing the bulls with suitable support to initiate a recovery rally. In the event of a successful breakout, the MATIC price could target initial resistance at $0.63, followed by a more ambitious target of $0.69

  • Bollinger Band: The constricted range of the Bollinger Band indicator suggests heightened volatility for the asset in question.
  • Relative Strength Index: The upward trajectory of the RSI slope signals that buyers are making efforts to overcome the overhead resistance level.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.


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