Polygon Price Prediction: Bulls unable to buck trend as 10% bearish breakout due this week
|- Polygon price trades lower as the red descending trend line dictates the price evolution.
- MATIC sees bulls unable to make a fist and push against a bearish undertone.
- Expect a break lower as the bearish triangle gets completed with a 10% sell-off this week.
Polygon (MATIC) price sees relentless pressure from the bears as they have set their sights on completing this bearish triangle drawn on the chart. With the base at $1.064, pressure is mounting for a break of that level to the downside. Although bulls have tried to break out of it on several occasions, each time a firm rejection is the result. This points to bears being in the driver’s seat at the moment.
Polygon price has bulls chained by this bearish pattern
Polygon price needs to confess color as clearly bulls cannot avoid the end result of the bearish triangle where MATIC is currently stuck. After several attempts over the weekend, the red descending trend line simply does not budge, and it looks like bears will see this pattern through until the end. The end will be a break below the base of the triangle at $1.064 and could come with some serious pain for bulls.
MATIC could nosedive quite rapidly once that level at $1.064 breaks and gives way to bears to run price action further into the ground. Look for the trifecta area with the monthly S1, the 200-day Simple Moving Average and the pivot level at $0.96 coming in for support. Unfortunately, that means that price action will drop below $1 and bear more than a 10% loss against current price levels.
MATIC/USD 4H-chart
As the Relative Strength Index (RSI) is nearing the lower end of its cycle, a turnaround looks granted as bears will start to get fatigued and want to re-enter again after their positions were cut by profit-taking. That would open the door for a false break below $1.064 and see a full 180-degree swing higher. That swing trade would hold an 11% gain and hit $1.19 on the topside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.