The Polygon (MATIC) price is at a critical juncture where either an increase or a decrease is equally possible. In the weekly time frame, the token is trading within an ascending parallel channel, which usually ends with a breakdown. Additionally, the RSI also gave a bearish reading, further indicating a possible downside. On the daily time frame, a descending triangle was formed, similarly suggesting a bearish trend. If this trend is confirmed, MATIC might find support near $0.76. For the bullish scenario, the token has to increase and reclaim the previously broken channel's support line, after which it could move toward the channel's midline of $1.40. To negate the current bearish trend, a quick bullish reversal is required.
Alexander Taylor
- 2023-05-04
Polygon (MATIC) Price on the Edge of Breakdown and Reversal
Polygon (MATIC) is currently trading within an ascending Parallel Channel. Analysis of both the weekly and daily time frames show that the token might experience a breakdown of the channel or a bullish reversal, depending on the next price move. In the case of a breakdown, MATIC could find support near $0.76, but if the price can reclaim the support line, a quick rally up to $1.40 is possible.
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