The price of Polygon (MATIC) cannot profit from the gains of the previous session. MATIC opened higher but failed to sustain higher levels. Current price action could extend another 10% to $1.35 before polygon establishes any directional basis.
Polygon (MATIC) is trading lower with significant losses. A decisive break below $1.26 could trigger another round of selling targeting $1.0. However, an acceptance above the 200-day EMA invalidates the bullish thesis.
MATIC price has been in a sustained downward trend since December 27, 2021 and has shown no signs of a reversal so far.
At the time of writing, MATIC/USD is trading at $1.51, down 2.01% for the day. According to CoinMarketCap’s 24-hour trading volume of the 16th largest cryptocurrency by market cap, held at $1,030,261,543 with over 40% losses.
MATIC continues to trade lower
On the daily chart, Polygon (MATIC) traded in a downtrend channel, which stretched from the record highs of $2.92. Investors are meeting the reliable support near $1.25, which has been tested multiple times.
Source: Trade View
Furthermore, the formation of a “leggy” candlestick on Thursday suggested that sellers have lost patience and are left sidelined. A spike in the buy order produces a green candle the next day, but to continue the upward run, MATIC must break above the upside filters placed at the 200-day and 50-day EMA which are at $1.67 and USD respectively. 1.09 have been posted.
An acceptance above the stated levels could push further towards the psychological $2.09.
On the downside, a close below Thursday’s lows would invalidate the bullish theory with the immediate downside target at $1.09, which also coincides with the downward channel’s lower trendline.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is struggling at 42 near the average line.
MACD: The moving average convergence divergence (MACD) oscillates below the centerline with a neutral bias.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Polygon (MATIC) Price Forecast: MATIC Downtrend is Expected to Increase 17% from Current Level
was published first on https://coingape.com/markets/102220-2/
