Key Takeaways:
- MATIC price is gaining bearish momentum below the 0.850 support.
- It follows a key bearish trend line with resistance at $0.825 on the daily chart.
- The price is at risk of a downside break toward the $0.70 support.
NEW DELHI (CoinChapter.com) — Polygon’s MATIC is plunging below the $0.90 support. The bears might aim for more losses toward $0.70 unless there is a steady move above $0.95.
Polygon (MATIC) Price Drops Over 10%
In the past few days, MATIC’s price steadily declined from well above the $0.95 level against the US dollar. The price gained bearish momentum after it settled below the $0.95 support.
The bears pushed the price below the $0.92 and $0.85 support levels. It opened the doors for a sharp decline below the $0.80 support, and the price settled well below the 50-day simple moving average (blue).
A low has formed near $0.756, and the price consolidates losses. It is down over 10% and moved into a bearish zone versus ETH and BTC.
If there is a recovery wave, MATIC might face resistance near the $0.808 level or the 23.6% Fib retracement level of the recent decline from the $0.9700 swing high to the $0.756 low. The first major resistance is near the $0.825 level.
A key bearish trend line is forming with resistance at $0.825 on the daily chart. The next major resistance is near the $0.92 level and the 50-day simple moving average (blue). It is close to the 76.4% Fib retracement level of the recent decline from the $0.9700 swing high to the $0.756 low.
A clear move above the $0.92 resistance zone could set the pace for a decent increase. In the stated case, MATIC price could test the $0.95 level. Any more gains might open the doors for a move toward the $1.10 resistance.
More Downsides?
Initial support is near the $0.755 level. The next major support is nearly $0.732. The main support sits near the $0.700 zone. If the bulls fail to protect the $0.700 support, MATIC could decline heavily. In the stated case, there is a risk of a drop toward the $0.62 support.
Overall, MATIC price is gaining bearish momentum below $0.90. The price might drift toward the $0.70 support if the bears remain in action. If not, there might be a recovery wave toward the $0.92 resistance.
