Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n Polygon [MATIC]<\/a> broke out of its sideways structure on the higher timeframes with the selling pressure taking it to the $0.5 support level.<\/p>\n Realistic or not, here\u2019s\u00a0MATIC\u2019s market cap in BTC terms<\/a><\/p>\n An earlier report by AMBCrypto<\/a> on MATIC\u2019s price action highlighted the possibility of a bearish breakout from the compact range. This analysis was validated with MATIC dropping by 9.7%.<\/p>\n However, the $0.5 support has held up in the short term and could provide a base for bulls to rally again in the long term.<\/p>\n Source: MATIC\/USDT on Trading View<\/p>\n<\/div>\n MATIC\u2019s price action stalled after bulls were rejected at the $0.6 price zone in early October. This led the altcoin to trade sideways between $0.55 to $0.6 from 1 October to 8 October.<\/p>\n Sellers finally secured a bearish breakout on 9 October with the selling pressure sinking MATIC toward the year lows of $0.5. The descent of price to the $0.5 level marked the third time the level will be re-tested within the period of a month.<\/p>\n This highlighted the growing selling pressure which could result in a new year-low for MATIC.<\/p>\n In the meantime, the Relative Strength Index (RSI) reflected the selling pressure, as it remained under the neutral 50 with a reading of 36. Likewise, the Chaikin Money Flow (CMF) recorded massive capital outflows to strengthen sellers\u2019 leverage.<\/p>\n\n
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\nBears gained the upper hand after a range-bound price movement<\/strong><\/h4>\n
![\"Polygon](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/MATICUSDT_2023-10-13_12-38-26.png\")
<\/a><\/p>\nShorts profited from bearish breakout<\/strong><\/h4>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/MATIC_Liquidations.jpg\")