- MATIC price has breached the bearish target.
- Polygon price sell-off is occurring under low volume.
- Invalidation is a breach below $0.88
MATIC price displays reasons to believe in a countertrend rally upwards of 30%.
MATIC price to retrace
MATIC price displays 5 completed waves down since the sell-off that commenced in March. The wave structure should provide a brief countertrend rally even if the overall downtrend does extend. Retracement levels could be between $1.20 and $1.30, which would be 30% of the current price of $1.03.
MATIC price is currently undergoing a sell-off accompanied by low volume. The lack of volume provides further confluence that the seller’s hands may need a period to reposition themselves before applying more pressure. It was forecasted that the MATIC price would fall into the $1.00 zone since early April. After reaching the target, profit-taking could lead to a large countertrend rally. It is worth noting that this thesis is being written while analyzing the 4-day chart, thus a countertrend move could take several weeks before being actualized.
MATIC/USDT 4-Day Chart
Invalidation of the bullish thesis is a break below $0.88. If this were to occur, the Polygon price could continue its decline towards $0.60, resulting in a 40% dip from 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.
Recommended Content
Editors’ Picks
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Cardano founder Charles Hoskinson proposed integration of Bitcoin Cash into a Cardano Partnerchain. 65% of 11,340 voters voted in favor of, to the contrary “No”, meaning “Ayes” have it, but this is pending confirmation.
Render Price Prediction: RNDR could hit $10 after successful breakout with ecosystem’s LD token launchpad
Render (RNDR) price is trading with a bullish bias, boasting higher highs, with the AI crypto coin not only outperforming its sector peers, but also doing better than most altcoins in the broader cryptocurrency space.
Tesla updates payment methods to include DOGE, Dogecoin price rises 6%
Tesla Inc., Elon Musk’s American multinational automotive and clean energy company headquartered in Austin, Texas, is the latest catalyst for Dogecoin (DOGE) price rally.
Sui daily transactions reach 41 million, overtakes Solana with SUI price primed for recovery
Sui (SUI) price has dipped 3 % in the past 24 hours and remains down 15% in the last week. However, other metrics suggest something could be at play in the Sui ecosystem as daily transactions skyrocket.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.