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.
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.
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.
