The post Matic Price Analysis: Will This Death Cross Crash MATIC Price To $0.60? appeared first on Coinpedia Fintech News
As red sheets cover most of the crypto market, Polygon falls by 7% in the last 48 hours. After weeks of steady recovery, MATIC prices are now within a pattern to decide the future trend. The breakout will set the MATIC price trend direction for the coming month.
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MATIC Prices maintain an uptrend with a solid support trendline in action in the four-hour chart. However, the recent correction of 21% forms a new resistance trendline leading to a symmetrical triangle.
Currently, the polygon prices are the support trendline after dropping below the crucial support level of $0.7160. Additionally, the selling pressure seems pretty evident with the ongoing correction phase and the rise in trading volume.
As per the 50-day EMA (green) and 200-day(black), a potential death cross is seemingly inevitable. The RSI indicator is in the oversold zone projecting an extra bull cycle within the triangle before any decisive moves.
At present, the price is within a no-trade zone, and traders should wait for a decisive breakout. However, the growth in selling pressure, a potential death cross, and the general market condition signal increased breakdown chances.
On the flip side, a morning star pattern forming at the support trendline can delay the breakout. This can increase breakout chances or at least give an extra bull cycle.
A bullish triangle breakout can reach the $0.7990 swing high. On the flip slide, a bearish breakdown will prove catastrophic for the polygon investors as the MATIC prices can plunge by 13.76% to $0.60
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