Matic price plummets as bears breach $1.12

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