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Polygon (MATIC) Price Prediction: MATIC Downtrend Expected To Extend By 17% From Current Level

Polygon (MATIC) price fails to capitalize on the previous session’s gains. MATIC opened higher but could not sustain the higher levels. The current price action could extend by another 10% to $1.35 before polygon set any directional basis.

  • Polygon (MATIC) trades lower with significant losses.
  • A decisive break below $1.26 could trigger a fresh round of selling targeting $1.0.
  • However, an acceptance above 200-day EMA invalidates the bullish thesis.

MATIC price has been on a persistent downtrend 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. As per the CoinMarketCap 24-hour trading volume of the 16th largest cryptocurrency by market cap held at $1,030,261,543 with more than 40% losses.

MATIC continues to trade lower

On the daily chart, Polygon (MATIC) has been trading in a downtrend channel, extending from the record highs of $2.92. Investors meet the reliable support of near $1.25, which has been tested multiple times.

Source: Trading View

Further, the formation of a ‘long-legged’ candlestick on Thursday suggested sellers have lost their patience and remain sidelined. A spike in buy order produces a green candle following the next day but to continue the upside run MATIC must break above the upside filters placed at 200-day and 50-day EMA placed at $1.67 and $1.09 respectively.

An acceptance above the mentioned levels could further seek the psychological $2.09.

On the flip side, a close below Thursday’s lows would invalidate the bullish theory with the immediate downside target at $1.09, which also coincides with the lower trend line of the downward channel.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) is struggling at 42 near the average line.

MACD: The Moving Average Convergence Divergence (MACD) is oscillating below the midline with a neutral bias.

 

Disclaimer

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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