MATIC price bullish target gets halved amidst new revelations.

MATIC price has rejected a supply zone.
Polygon price volume has increased in bearish favor.
Invalidation for the bullish thesis is a close above $1.70

MATIC price is displaying a change of direction. Traders should be looking to exit in profitable areas as the Bulls show signs of exhaustion.

MATIC price says, "the entry was good, but the exit is vital"

MATIC price bulls have halfway validated this Monday's thesis of an upswing into the $1.70 zone as the price managed to rally into $1.50 overnight. Unfortunately, the upswing was met with brute force from the bears as the Polygon price immediately fell back to the current price of $1.40. Analyzing the sell-off, it appears the bears have more strength than expected as the bearish engulfing candle decimated nearly 6% of gains in only 4 hours.

MATIC price now suggests the bulls are in a dicey situation thus, the target at $1.70 should be reduced to maximize profits and avoid a loss. An additional upswing can occur into the price target at $1.58, but afterward, the bears could show up again with equal or more force than the recent sell-off. Thus, this article is being documented as a bearish thesis warning traders to trail stops effectively and secure profits from this Monday's trade setup at $1.40. The counter-trend rally could be coming to a halt.

MATIC/USDT 4-Hour Chart

Invalidation of the bearish thesis is a close above $1.70. If the MATIC price conquers the $1.70 level, this bearish scenario will be invalid. The MATIC price could rise by 40% back to $2.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram