The Polygon (MATIC) price broke down from a short-term ascending parallel channel and rapidly approached its yearly lows.
- The weekly timeframe analysis indicates a bearish outlook.
- The price broke down from an ascending parallel channel, suggesting a bearish trend reversal.
- The price falling below the $0.80 horizontal area confirms the bearish outlook.
- The MATIC price can fall to the $0.40 support area, a 30% decrease from the current price.
- The weekly RSI is below 50 and decreasing, highlighting a bearish trend.
MATIC Price Prediction: Failed Breakout Can Lead to More Downside
- The daily analysis also indicates a bearish outlook.
- The failed breakout from a descending resistance line suggests further decline.
- MATIC trades below the minor $0.60 support area, indicating a bearish trend.
- A breakdown below $0.60 will confirm a move towards long-term support at $0.40.
- The daily RSI is below 50 and falling, supporting the bearish trend.
Hot Take:
The current technical analysis for Polygon (MATIC) suggests a bearish outlook, with the price potentially falling further before any bullish trend reversal. The weekly and daily timeframe analyses both indicate a bearish trend, with key levels and indicators confirming the downward movement. However, a strong bounce and reclaim of the $0.60 support area could lead to a significant increase in price. As always, it’s important to monitor key levels and indicators for any potential changes in market sentiment.
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