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.
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.
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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/