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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.
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