MATIC Price Forecast: Polygon poised for further losses after key level break
- On the 1-hour chart, Polygon has lost a critical support level.
- The digital asset had a breakdown from an ascending parallel channel.
- The long-term momentum has shifted in favor of the bears.
MATIC price had a colossal 44% sell-off in the past week. Although the entire cryptocurrency market faces significant selling pressure, Polygon was one of the most affected coins.
MATIC price could slip even lower
On the 1-hour chart, MATIC formed an ascending parallel channel that can be drawn by connecting the higher highs and higher lows with two parallel trendlines.
The breakdown of this pattern has a bearish price target of $0.347 initially. However, Polygon could fall toward the previous low of $0.32 if bearish momentum remains strong.
MATIC/USD 1-hour chart
On the other hand, on the daily chart, MATIC price had a breakout from a symmetrical triangle pattern on April 13 and managed to stay above the previous resistance trendline.
MATIC/USD daily chart
This breakout had a price target of $0.50, and only $0.46 was reached, which means that Polygon could resume its uptrend to hit that target soon.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
