Here’s Why The Polygon Coin Price Threatened For 25% Downfall

polygon matic zkEVM

The ongoing recovery in polygon coin price is led by rising parallel channel patterns. The pattern is visible when the asset’s price is wobbling within two upwards-extending trendlines, carrying a sustained bullish trend. Furthermore, the coin price is currently hovering above this pattern’s support trendline hinting at a bullish upswing in the near term.

Key points 

  • The MATIC holders can expect a sustained recovery cycle until the channel pattern is intact.
  • A breakdown below the channel pattern support trendline could threaten Polycom coa in for 25% fall
  • The intraday trading volume in the MATIC is $555.51 Million, indicating a 55.1% loss.

polygon coin priceSource- –Tradingview

The Polygon coin price has witnessed sustained recovery since the beginning of 2023. However, in the last three weeks, this bullish rally has shaped into a rising channel pattern. Though this pattern displays as it is carrying a bullish trend, the most common outcome for the pattern is a breakdown from the support trendline.

By the press time, the MATIC price trades at the $1.229 mark and retest the support trendline of this pattern. If the coin shows sustainability above the trendline, the prices will have a higher possibility to rebounded from the dynamic support and prolong the ongoing rally for a few more trading seasons.

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The potential reversal may make altcoin 12% higher to hit the overhead trendline.

However, concerning the higher possibility, a breakdown below the pattern’s support trendline will intensify the bearish pressure. The breakdown could plunge the prices to possible targets of $1.18, $1.05, or $0.093, showcasing maximum pain of 25% loss.

Technical Indicators

RSI: despite the rising price action, the sideways RSI slope indicates weakness in bullish momentum. This bearish divergence increases the possibility of the aforementioned downfall.

EMAs: the rising 100-and-200-day EMAs of 4-hour charts could stall the potential downfall.

MATIC Coin Price Intraday Levels

  • Spot rate: $1.23
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $1.3 and $150
  • Support levels- $0.935 and $0.87

The post Here’s Why The Polygon Coin Price Threatened For 25% Downfall appeared first on CoinGape.


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Brian Bollinger
CoinGape

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