MATIC price set to reconquer $1.30
|- MATIC price has breached the bearish target.
- Polygon price sell-off is occurring under low volume.
- Invalidation is a breach below $0.88
MATIC price displays reasons to believe in a countertrend rally upwards of 30%.
MATIC price to retrace
MATIC price displays 5 completed waves down since the sell-off that commenced in March. The wave structure should provide a brief countertrend rally even if the overall downtrend does extend. Retracement levels could be between $1.20 and $1.30, which would be 30% of the current price of $1.03.
MATIC price is currently undergoing a sell-off accompanied by low volume. The lack of volume provides further confluence that the seller’s hands may need a period to reposition themselves before applying more pressure. It was forecasted that the MATIC price would fall into the $1.00 zone since early April. After reaching the target, profit-taking could lead to a large countertrend rally. It is worth noting that this thesis is being written while analyzing the 4-day chart, thus a countertrend move could take several weeks before being actualized.
MATIC/USDT 4-Day Chart
Invalidation of the bullish thesis is a break below $0.88. If this were to occur, the Polygon price could continue its decline towards $0.60, resulting in a 40% dip from current MATIC price.
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