fxs_header_sponsor_anchor

Will Matic price fall to $0.33

  • MATIC price has printed consecutive bearish engulfing candles.
  • Polygon price volume is still low.
  • Invalidation of the bearish downtrend is a breach of $0.94.

MATIC price is experiencing drastic bearish price action that warrants the idea of much lower targets.

MATIC price sell-off looks severe

MATIC price has breached key support zones at $0.80 and $0.70. The Polygon network token is floating on thin ice, and the next substantial support zone lies more than 50% below at around $0.33. The Relative Strength Index is failing to find support on multiple time frames, with only the two-week and monthly charts remaining within buyers' territory. 

MATIC price volume profile does not necessarily imply such a strong bearish impulse will occur. Although $0.33 is a likely target, the strength of the bears will truly surprise analysts and investors alike if the target is breached. An alternative scenario could be a range-bound consolidation in the days to come before a countertrend rally occurs. Because the slope of the decline is so steep, it is not advised to be an early buyer of the MATIC price just yet.

MATIC/USDT 2-Day Chart

A safer scenario is to let the digital asset articulate its directional narrative. The ideal bullish trade setup will occur once $0.94 is breached. If this occurs, the MATIC price will continue to rise, and then a pullback will occur. If the technicals present a buying opportunity, the bulls could then target $1.40 after the pullback occurs, which would result in a 115% increase from the current MATIC price.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.