MATIC Price Prediction: Wedge Pattern Fallout May Trigger A 30% Downfall Rally 

By Brian Bollinger
March 12, 2022 Updated March 12, 2022
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The MATIC price gave a bearish candle from the wedge pattern’s utmost resistance trendline resulting in a 4.64% fall. However, the anticipation of a bearish continuation was sabotaged by the lower price rejection followed by a jump of 1.65%. 

Key technical points: 

  • Polygon price trend remains trapped within the falling wedge.
  • The bullish retracement within the bearish pattern hints further recovery
  • The crucial EMAs in the daily chart gives a dearth cross.

TradingView Chart

Source- Tradingview

The MATIC/USD daily chart shows a falling wedge pattern with the price trending below the psychological mark of $1.50. The downtrend fills the falling wedge indicating a breakout rally shortly.

The opposing trendlines seem to be of equal strength as they have kept the trend momentum trapped for more than a month now. Therefore, the breakout of either side will result in a significantly volatile move.

The death cross of the 50 and 200-day EMA project a rise of bearish influence of the price pattern and increases the chances of fallout.

Despite multiple attempts, the daily RSI slope shows a flattish movement with a bearish nudge as it fails to rise above the 50% mark. 

MATIC/USD: Weekly Timeframe Chart

TradingView Chart

Source- MATIC/USD chart by Tradingview

The MATIC/USD weekly chart shows Doji formations near the 50-period EMA at $1.41. A potential bearish wedge breakout in the daily chart will result in the 50-week EMA fallout. Therefore, a downfall move of almost 30% is possible.

The MATIC price action squeezes between the descending trendline and stiff support at $1.4. The buyers need to breach and sustain above the dynamic resistance to obtain their first sign of recovery.

  • Resistance levels- $2 and $2.4
  • Support levels- $1.33 and $1

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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