MATIC price falls “penny from Eiffel” style and won't stop until this level is reached
- MATIC price falls in free-fall fashion to start this week's trading session.
- The increase in volume suggests $0.30 as the next target.
- Invalidation of the downtrend is a breach above $0.50.
Polygon Network's MATIC price shows "continuation of trend" like signals on higher time frames.
MATIC price could decline further
MATIC price is this week's heartbreaker amongst the digital currencies, as the layer 2 token shows no remorse. The bearish downtrend has been violent, steep and unforgiving as retracements fail to cover any significant grounds. The free-fall signals total bearish control, which is unlikely to stop until last month's target at $0.30.
MATIC price provides confluence of the bearish idea on the Volume Profile Indicator. The classic ramping pattern is indicative of bearish confidence. The failure to retrace 50% of the previous bearish engulfing candle's decline could be viewed as smart money unwilling to create a zone until more countertrend liquidity is wiped. When combined, the $0.30 is highly probable, and extended targets at $0.25 will be unsurprising.
MATIC/USDT 12-Hour Chart
Invalidation of the bearish downtrend is $0.50. If the bulls can breach this level, a rally towards $0.60 could occur, resulting in a 50% increase from the current MATIC price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
