NewsletterHere’s Why The Polygon Coin Price Threatened For 25% Downfall
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.
Source- –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
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