Why Polygon Networks' MATIC price continues to decline
- MATIC price is failing to find support at the $0.60
- Polygon price volume indicator remains unphased
- Invalidation of the downtrend thesis is a breach at $0.64
MATIC price hints at more decline in the coming days as the Polygon Network may have gone too far south
MATIC price is positioned to fall further
MATIC price displays reasons to believe in more decline in the coming days. The self-proclaimed Ethereum transaction solution coin may be aiming for the $0.50 price level, as the bulls seem to have gone missing. Bullish traders should consider revising their counts while looking for other opportunities within the crypto market.
MATIC price currently trades at $0.585. The bears have suppressed the Polygon Network token all week as the bulls have failed to hold grounds at the $0.60 price zone. This level is crucial for investors as previous technical analysis forecasts were dependent on a bull rally after retesting said level. It is worth noting that the volume indicator has not shown any retaliative display from the bulls, which further confounds the bearish thesis.
MATIC/USDT 4-Hour Chart
Still, an invalidation level for the bearish thesis is necessary. A safe invalidation for the downtrend thesis will be a breach above $0.64. If the bulls can close above $0.64, they could induce a rally into $0.75, resulting in a 30% 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.
