Polygon (MATIC) Price Could Soon Trigger Brutal Correction

Polygon (matic) price risk of breaking out of the short-term support line. This could catalyze a selloff towards $0.75.

Polygon is a layer 2 scaling solution. ethereum blockchain. It effectively transforms the Ethereum network into the internet of blockchains, improving functionality related to smart contracts and decentralized applications.

matic price It has been declining since reaching an all-time high of $2.92 in December 2021. The downward move led to a low of $0.31 in June 2022, followed by a significant rally, leading to a high of $1.31 in October. Still, the price of Porygon has continued to fall since then.

The downward movement has validated the long-term $1.31 resistance area, which is the 0.382 Fib retracement resistance level.

Despite the denial, there are strong weekly bullish signs. RSIThe indicator has broken out of the bearish divergence trendline and is now above 50. Both of these are considered signs of a bullish trend.

Still, a bullish reversal has yet to be confirmed as the MATIC price remains below significant resistance.

Where is Polygon (MATIC) pricing supported?

Technical analysis from the daily timeframe shows that the MATIC token has been following the rising support line since September 16th. If the Porygon breaks below the support line, it can drop towards the $0.75 support area.

The daily RSI is trading at 50, showing no clear direction for the trend. As a result, it is uncertain whether the MATIC price will bounce off the support line or fall to $0.75.

Possible short-term price breakdown

Finally, the 4-hour chart shows that Polygon’s price has fallen sharply over the past 24 hours and is now at risk of breaking out of its rising support line.

The support trendline weakens with each touch, so it is likely to break.

As a result, the most likely price prediction for Polygon price is a fall to the $0.75 region.

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