MATIC price reroutes south as bears lock in on $1.15
- MATIC price is failing to hold support on the 4-hour chart.
- Polygon price rejected the 50-day moving average
- Invalidation to the bearish scenario is a close above $1.56.
MATIC price is experiencing a strong selloff this Tuesday. There may have been early signs forecasting the move.
MATIC price looks fully controlled by the bears
MATIC price is declining this Tuesday as the bears flex their power on the 4-hour Chart. At the current time, the MATIC price trades at $1.27. Traders are likely to see a sweep the lows event in the next few hours as the bears are confidently charging towards the $1.15 target zone mentioned in this month’s bearish thesis.
MATIC price issued a few warnings for the current selloff. The most significant sell signal may have been the rejection of the 50-day moving average at $1.50 on April 22nd. The bearish rejection could justify a $1.15 price target and the sudden decline displayed in the current MATIC price action.
MATIC/USDT 4-Hour Chart
Invalidation of the bearish idea is a close above $1.56. If the MATIC price can conquer this price territory, then the $1.70 target will be back on the table, resulting in a 35% 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.
