- Matic price has validated last week's bearish target.
- Polygon price volume is still low.
- Invalidation of the downtrend scenario is a touch at $1.32
MATIC has seen better days as the bears have managed to invalidate short-term bullish ideas. Traders should consider MATIC price in a downtrend until further chart evidence is displayed.
MATIC price plummets
MATIC price is currently trading at $1.12, a bearish target zone mentioned in several previous articles.MATIC price is likely to stay in this zone for a few more days, so being an early buyer is not yet advised. The steep decline accompanied by oversold charting on the Relative Strength Index hints at a countertrend pullback. Still, the risk attached to this scenario is too much to deem this article as a bullish thesis.
Traders should let early buyers do what they will, and if they can manage to breach $1.32, there could be a potential for a good uptrend scenario to unfold. Currently, the idea for a good countertrend rally is purely a gamble and, if it does occur, a lucky guess. However, it is worth noting that the volume profile is still significantly low during this sell-off, which gives confluence to the ending of the current downslide eventually.
MATIC/USDT 8-Hour Chart
As mentioned above, the invalidation of the downtrend is now a close above $1.32. If the bulls can manage to pull off said price action, Analysts will wait for the chart to display evidence of a countertrend rally which could potentially land in the $1.50 zone resulting in a 35% increase from the current MATIC price
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.