|

MATIC price prepping for disastrous sell-off to $0.70

  • MATIC price is on a steep decline.
  • Polygon price has Fibonacci targets at $0.93 and $0.70.
  • Invalidation of the bearish model is a touch at $1.326

MATIC price presents concerning signals as the price rests within last week’s bearish target zone at $1.10. The bears may have the power to send prices falling an additional 30%.

MATIC price could fall sharply to $0.70

MATIC price currently trades at $1.10 as the price is consolidating within projected bearish target zones from last month’s bearish forecasts. Observing the Polygon price action, the bears are preparing to send the price much lower as the consolidation refuses to allow the bulls within the middle half of the steep declining rally that occurred at the end of April.

MATIC price could continue falling if market conditions persist. A Fibonacci projection tool surrounding the first two declines also forecasts a decline to $0.93 and potentially $0.70. Dissecting the declining waves, it appears that MATIC price needs one more impulse wave down to satisfy the proportional decline being displayed. Traders should expect more sideways action before the next drop occurs.

TM/MATIC/5.3.22

MATIC/USDT 2-Hr Chart

Invalidation of the bearish model is a touch at $1.326. If the bulls can tap this level, the downtrend will be considered over. The bulls could reconquer the trend and send prices back to $1.05, resulting in a 40% increase from the current MATIC price.

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

Crypto liquidations near $2 billion as US Treasury debt buyback sparks short squeeze
The cryptocurrency market has seen nearly $2 billion in liquidations over the past 24 hours, its largest since February 5. Short liquidations accounted for $1.75 billion, their largest since the October 10 leverage flush, and represented the first major short squeeze in a long while.
Crypto Overview: Bitcoin eyes $70,000 on US Treasury bond buybacks – ETH, HYPE, TRUMP lead gains
The broader cryptocurrency market is regaining strength, pointing toward a renewed bull run. The US Treasury Department announced on Wednesday that it will buy back more of its longer-term bonds, in an effort to curb a sharp increase in borrowing costs.
Ripple and Stellar outlook: Extend gains as expanded US Treasury buybacks trigger crypto short squeeze

XRP and Stellar extend their rallies on Thursday as improving liquidity conditions fuel a broader surge across the cryptocurrency market. XRP trades above $1.08, while XLM approaches the key $0.177 resistance level following surges of more than 10% and 9%, respectively, the previous day.

Bitcoin slips toward key 50-day EMA ahead of FOMC Minutes

Bitcoin (BTC) edges lower toward the 50-day Exponential Moving Average (EMA) around $64,370 at the time of writing on Wednesday after posting a 2.9% gain over the previous two days.

Bitcoin: Hormuz uncertainty clouds BTC outlook
Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.