With Bitcoin teasing a comeback last night, MATIC Price struggles to tap into the bullish momentum as their prices continue to fall. Currently, trading at $0.50, the MATIC price displays a 0.32% intraday gain with an overall bearish trend.
Following the breakdown of the $0.60 support zone, the Polygon price trend is now challenging the bullish dominance at $0.50.
The short-term downtrend in MATIC price displays a falling wedge pattern, generally leading to a bullish reversal. However, the higher price rejection is pretty evident in the last two daily candles, projecting a solid overhead supply.
In the daily chart, the MATIC price action displays a falling channel pattern that accounts for a sharp 66% correction over the past seven months. The bearish rally drops the Polygon coin price to its crucial psychological mark of $0.50.
Currently, the MATIC coin price action trades close to the overhead resistance trend line while taking support at the 38.20% trend-based Fibonacci level. If the Polygon price fails to sustain above the $0.50 support level, the downtrend is expected to continue to reach the support trendline.
Will MATIC Price Avoid A Crash?
From the bullish point of view, the MATIC price has an opportunity to bounce back and surpass the overhead resistance. Breaking out of the falling channel pattern, the Polygon price trend can reverse the trend momentum onto a positive side.
With a trendline breakout, the altcoin can tap into the bullish momentum and reach the $0.60 mark. On the flip side, the $0.50 breakdown can lead the downfall to the $0.48 and $0.45 levels.
Source: https://coinpedia.org/price-analysis/matic-price-analysis-sharp-sellers-can-drop-matic-price-to-0-45/