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

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2 years ago

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Published 10 minutes ago

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

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The potential reversal may make the 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 price to possible targets of $1.18, $1.05, or $0.093, showing maximum pain of 25% losses.

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.

EMA’s: 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

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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