- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.