Until yesterday it was believed that the crypto space may have been undergoing a small consolidation after a bullish open of the monthly trade. However, with the beginning of the present-day trade, the market again fell into the bearish trap incurring huge losses.
Polygon(MATIC) price after attempting to hit the $1.6 resistance levels, dropped back close to $1.5. Moreover, the plunge is expected to continue which may drag the price lower by another 11%.
MATIC price is currently hovering just above the weekly support at $1.44 which is may hint at an upcoming upswing. The asset is currently hovering around the crucial levels, where-in sustaining above $1.6 is pretty important for the rally.
Yet the current plunge is yet again indicating that the investors may be looking for yet some lower enter which may cost the asset to revisit the local support at $1.33.
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The asset was on its run to slice through the current consolidation within the parallel channel during the previous day trade and achieve the resistance levels at $1.9.
But witnessing the current plunge, it is very likely that the price could be dragged back below $1.4 levels once again to hit the high-demand area. Here the investors may just jump in and quickly uplift the price towards the $1.75 supply zone.
At these phases, a strong buying volume is extremely important to keep up the rally straight erected. And hence it is the buyer’s task then to sustain the price at those levels else the MATIC price may keep swinging within the $1.3 to $1.75 and in the extended rally may also range high beyond $1.9 and aim at $2 any time in this month.
Source: https://coinpedia.org/price-analysis/polygonmatic-price-primed-plunge-before-massive-uptrend/