Learn about the decline in Polygon’s (MATIC) price and its bearish trend, including the breakdown of a long-term structure and a bearish RSI reading, with a short-term MATIC price prediction suggesting the decrease will continue without a bounce.
The Polygon (MATIC) price has dropped considerably since the end of February. It invalidated a longstanding structure during its fall.
The readings from both long- and short-term timeframes are still bearish. In doing so, the downward tendency is expected continuation without a bounce.
Polygon Price Breaks Down From Long-Term Structure
The technical analysis from the weekly time frame implies that the Polygon tendency is bearish. There are two main reasons for this.
The most important one is the breakdown from an ascending parallel channel in April 2023. Before the breakdown, the channel had been in place since June 2022.
And, its breakdown is a decisively bearish sign, suggesting that the previous increase is finished. Often, such breakdowns mean that a new tendency in the other direction has now begun.