- MATIC price is printing consecutive bearish engulfing candles.
- Polygon price is retesting a zone for the fourth time since May 12th.
- Invalidation of the downtrend is a breach at $0.65.
MATIC price hints at further drops in the coming days as the Polygon Network is in a make-or-break phase.
MATIC price could continue falling
MATIC price is steadily falling to start this week's trading session. The self-proclaimed Ethereum transaction solution coin gained notoriety in early 2021 for its cheap and fast transaction fees. Now ironically, the price action displays a slow and disappointing decline.
MATIC price currently trades at $0.61. Since the week began, the bears have been in control as the price has fallen back into the $0.60 zone for the fourth time since May 12th. Usually, the fourth touch of any critical level is a catalyst before a big move occurs. If market conditions persist, a bearish engulfing candle in this zone could give confidence for bears to aim for $0.55 and potentially sweep the lows at $0.50.
MATIC/USDT 3-Hour Chart
Still, an invalidation level for the bearish thesis is necessary as the bulls can use this vital moment to reconquer the trend. A safe confirmation for an uptrend will be a breach above $0.65. If the bulls can manage to close above $0.65, they could induce a countertrend rally into $0.85, resulting in a 35% increase from the current MATIC price.
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