MATIC Technical Analysis: Mark Cuban Backed Altcoin Gets Dumped

The MATIC coin price creates an evening star pattern to break below the 200-day EMA. Are there any chances left of a bullish reversal? In a recent interview, Mark Cuban supported Ethereum and its sidechain Polygon, packed with several use cases thanks to their smart contract functionality. Hence, Mark says he has invested in “a lot of” MATIC and ETH. The MATIC coin price shows a 15% downfall as it breaks below the 200-day EMA to approach the $1.55 support zone. The 50 and 100-day EMA merge to give a bearish crossover. Will the downfall continue below the $1.55 due to the bearish crossover? Key technical points: The 50 and 100-day EMAs give the MATIC/USD chart a bearish crossover. The altcoin price trades below the 200-day EMA. The 24-hour trading volume in the Polygon token is $945 Million, indicating a 16% fall. Past Performance of MATIC On February 10th, the MATIC price retraced from the shared resistance of 50, 100-day EMA, and the long-coming resistance trendline at $1.88. Therefore, the coin price fell by 16% below the 200-day EMA due to the high supply area. Currently, the market price of the MATIC token is $1.64, with a 3.61% downfall in the last 24 hours. Moreover, the MATIC/BTC pair at 0.00004057 fell by 2.81% in the past 24 hours. Source-Tradingview MATIC Technical Analysis The breakout of $1.75 indicates the increased selling pressure in MATIC coin price, which indicates a downfall to the $1.50 support zone. However...