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.
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