• MATIC price shows a tight consolidation around the range low at $0.721.
  • A breakdown of this level could trigger a 20% correction to $0.598. 
  • On the other hand, a resurgence of buying pressure that flips the $0.885 hurdle into a support level will invalidate Polygon’s bearish fate.

MATIC price prepares for a volatile move as it continues to consolidate for nearly ten days. This development could result in a bearish move, especially if the immediate support level is breached. 

MATIC price ready to show its hand

MATIC price has been rangebound between the $0.721 and $1.055 barriers for over three months. Over the last ten days, however, it seems to be hovering around the range low and is showing signs of breaking down.

Supporting MATIC price and its bearish outlook is the $0.721 to $0.598 low volume node gap represented by volume profile. This gap is an imbalance, which will be filled quickly upon the breakdown of the $0.721 level. 

In total, investors can expect MATIC price to drop nearly 20% from its current position and form a base around the $0.598 barrier. 

MATIC/USDT 4-hour chart

MATIC/USDT 4-hour chart

Regardless of the imbalances, investors should pay attention to Bitcoin price, which determines the directional bias of the crypto markets, including altcoins such as Polygon. If the big crypto decides to head higher, MATIC price will follow suit.

Under these circumstances, if MATIC price flips the range’s midpoint at $0.888, it will invalidate the bearish thesis and motivate sidelined buyers to step in and propel Polygon to retest the range high at $1.055.

This move, however, would constitute a 42% ascent from the current position and 18% from the said midpoint.


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

Recommended content

Recommended Content

Editors’ Picks

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem. 

More Ripple News

ONDO extends gains despite surge in profit-taking

ONDO extends gains despite surge in profit-taking

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

More ONDO News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for  potential short-term correction

Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis