Polygon (MATIC) price for a pretty long time has been swinging within a very consolidated and healthy range. Despite a sensible try to break out of the range between $1.2 to $1.88, the price yet again settled within the same range. Moreover, the asset is currently displaying a huge chance of placing itself in a bear market. But, will the bulls enter to stabilize the trembled conditions is a matter of concern at the moment.
The MATIC price which showcased a gigantic rally always maintained the lower support along the uptrend line. And currently in a higher time frame, cements itself around the line and waiting for a fine flip to mark a rebound firmly. However, in the short time frame, the MATIC price appears to be in a decisive phase, where-in a small wrong move may drag the price down to $1.2
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- At present, the price is trading in between the immediate resistance and support levels of $1.52 and $1.4 and within a symmetrical triangle
- The asset recently faced rejection from the upper resistance and quickly plunged hard breaking the initial support levels, however, flip hard before testing the next support levels.
- Considering the symmetrical triangle, the price is expected to consolidate for another couple of days until it reaches the apex
- Later a huge possibility of rebounding towards the higher resistance is likely, failing to which the lower support at $1.2 may hold the price tightly.
Source: https://coinpedia.org/price-analysis/polygon-matic-price-aims-at-a-30-upswing-will-it-make-it-through-1-6-by-the-end-of-day/