Claim BonusMATIC Price May Crash 22% Following Key Support Breakdown
MATIC price recovery rally showed a sharp reversal after reaching a monthly high of $0.89. The broader market sentiment fuelled the bear’s motive and plunged the coin’s market value by 20%. Amid this downfall, the coin buyers recently lost a significant support trendline indicating the polygon coin is poised for an extended correction.
Also Read: Polygon (MATIC) Vs. Chainlink (LINK) Vs. VC Spectra (SPCT) In July 2023
MATIC Price Daily Chart:
- An ascending trendline breakdown sets the coin price for a 22% drop.
- The polygon coin price trading below the daily EMAs(20, 50, 100 and 200) reflect the overall market trend as bearish
- The intraday trading volume of the MATIC coin is $303.3 Million, showing a 39% gain.
Source- Tradingview
On July 24, MATIC price gave a downside breakdown from ascending support trendline carrying a relief rally for the past six weeks. Losing this support, the market sellers recuperated the exhausted bearish momentum and hint the resumption of the prior downtrend.
On the following day, the coin price offered a sufficient follow-up with a 2.75% intraday loss and a crackdown below $0.71 horizontal support. By the press time, the polygon corn price rates at $0.71 of 1.43%.
With sustained selling, the post-breakdown fall could tumble this altcoin’s market value by 22% to reach $0.557, followed by $0.513.
Can Polygon Coin Price Restore Bullish Momentum?
With today’s green candle, the buyers try to counterattack by reclaiming the recently breached $0.71 support. If the coin price closes above yesterday’s high of $0.729, the buyers would continue to push the price higher to invalidate the bear’s recent breakdown. This will create a bear trap scenario and assist Polygon coin price to continue bullish recovery
- Exponential moving average: With the recent downtown, this coin price dropped below the 20-and-50-days EMAs offering additional edge market sellers
- Vortex indicator: The VI+(blue) and VI-(orange) shows increasing bearish momentum.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- India’s Crypto Taxation Unchanged as the Existing 30% Tax Retains
- Crypto News: Strategy Bitcoin Underwater After 30% BTC Crash
- Expert Predicts Ethereum Crash Below $2K as Tom Lee’s BitMine ETH Unrealized Loss Hits $6B
- Bitcoin Falls Below $80K as Crypto Market Sees $2.5 Billion In Liquidations
- Top Reasons Why XRP Price Is Dropping Today
- Here’s Why MSTR Stock Price Could Explode in February 2026
- Bitcoin and XRP Price Prediction After U.S. Government Shuts Down
- Ethereum Price Prediction As Vitalik Withdraws ETH Worth $44M- Is a Crash to $2k ahead?
- Bitcoin Price Prediction as Trump Names Kevin Warsh as new Fed Reserve Chair
- XRP Price Outlook Ahead of Possible Government Shutdown
- Ethereum and XRP Price Prediction as Odds of Trump Attack on Iran Rise
