Polygon (MATIC) Price Forecast – $0.70 Next as Breakdown Seems Unavoidable?

  • MATIC’s price launched an enormous slump from well beyond $0.95.
  • Polygon hovers under the 4hr 100 Simple Moving Average and $0.85.
  • The 4hr chart shows a colossal bearish lune forming with $0.821 resistance.
  • MATIC-USD might extend declines toward the support barrier of $0.70 in the short term.

The current market-wide bearishness saw MATIC’s price launching a massive dip from the resistance level of $1.0. Polygon bears have dominated the alt’s ecosystem, threatening further slumps toward the $0.70 mark in the short term.

MATIC’s Price Dips

Polygon’s price attempted to gain momentum beyond the resistance of $1.0 early this month. Nevertheless, the alternative token could not overcome this hurdle. That saw MATIC forming a high near $0.972 before new price dips surfaced. The alternative token exhibited a steady slip as the overall cryptocurrency space deteriorated.

That had bears pushing prices beneath the foothold at $0.90 and the 4hr 100 SMA. Lastly, the alt violated massive support near $0.840 to trade at the $0.7748 low. MATIC consolidates its losses at around $0.800. Possible uptrends would encounter the closest resistance at $0.8210.

Meanwhile, the 4hr chart shows a massive bearish line evolving with $0.821 resistance. The bearish trend-line stands near the 0.236 Fibonacci retracement mark of the latest dip from $0.972 to $0.7748. The initial critical resistance is developing near $0.875.

It’s around the 50% Fibonacci retracement of the latest drip to $0.7748 from $0.972. Meanwhile, the primary resistance is forming at $1.0. An upward move beyond $0.90 and $1.0 might see the price on a massive increase. That could welcome steady upsides towards $1.20.

More Plummets?

MATIC could keep plunging if it fails to conquer the obstacles at $0.82 & $0.87. Declines will secure the closest footing at $0.780. Meantime, the primary support stands at $0.750. Breaching this mark might trigger new slumps, taking MATIC towards $0.70. Such moves would discover the next reliable foothold at $0.665.

MATIC’s Technical Indicators

  • 4hr MACD losses power within a bearish zone.
  • 4hr RSI sways beneath 50.
  • Crucial support zones – $0.78 & $0.70.
  • Critical resistance zones – $0.821, $0.875, & $1.0.

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