MATIC Technical Analysis: Will Polygon Prices Drop To $0.80?

The MATIC price shows a bullish failure to exceed the psychological mark of $1, teasing a potential downfall to the $0.79 support zone. Key Technical Points: The MATIC prices have been down by 4.60% in the last 24 hours. The price action shows multiple higher price rejection candles due to increased selling pressure at $1. The 24-hour trading volume of Polygon is $817 million, indicating a drop of 27%. Past Performance of MATIC As warned in our previous analysis, the MATIC prices fail to surpass the psychological mark of $1 due to increased selling pressure evident by the higher price rejection candles. Hence the possibility of a rounding reversal increase may soon top result in a price drop to the support zone at $0.80. Furthermore, the price action one is of a double top pattern forming with the neckline at the $0.80 support zone. Source – Tradingview MATIC Technical Analysis The MATIC price action will complete a double top pattern if the selling pressure continues to grow, resulting in a price drop to $0.80. And in case of a bearish support zone breakout, the price fall may break under the supporting trend line and the 50-day SMA to test the $0.57 support level. As the market prices change about the 100-day SMA, the bullish influence results in a positive turnaround for the 100 and 50-day SMA. This increases the likelihood of a bullish crossover, but downtime continuation might delay this event. The RSI slope shows a subst...