MATIC Price Prediction: Polygon seems to favor the bears
- MATIC price action is struggling to make new highs.
- Although most cryptocurrencies are enjoying some buy-momentum, Polygon is lagging.
- If Polygon breaks the ascending trend line, a retest of this week's low is the next target.
MATIC price cannot enjoy the renewed buy-momentum in cryptocurrencies and looks heavily likely to the downside.
MATIC price crashing against the trend line
It has been a lovely recovery story for most cryptocurrencies like Bitcoin, Ethereum, and Tezos. But that equation does not fit Polygon.
MATIC price cannot make any new highs, and it looks like volume is on the downside as well, with minimal appetite from investors to pick up the currency.
On an hourly chart, we can see how MATIC price is ready to crash into the ascending trend line that kept MATIC moving up since June 22. This is not a good sign on the wall. Expect a break lower around $1.15.
On the way down, Polygon can halt for a moment around $1.05. But once that is taken out, an aggressive move below $1 will be the outcome as many buyers will have put their stop just below that psychological level.
Once that concentration area of stops is hit, MATIC price can dip quickly to $0.93
MATIC/USD hourly chart
Polygon is not sketching a bright story for the coming hours. But this might open the door for buyers at $0.93 to get back in and pick it up.
Author
FXStreet Team
FXStreet
