MATIC price might experience a 32% decline following a bearish chart formation.
- Polygon might trouble bulls if it slices beneath $2.34.
- The bears eye a move to $1.64.
Polygon (MATIC) appears ready for a 32% drop as the altcoin nears a crucial line of support. The prevailing chart indicated that bears are contemplating a noteworthy crash towards the levels of $1.64. However, the downward target will play out when the layer2 coin slices beneath $2.34.
Polygon Bears Prepare a Drop to $1.64
Polygon price has printed a climbing wedge setup on its twelve-hour chart, authorizing a bearish picture for the altcoin. The primary technical pattern predicts a 32% downside move towards a value area of $1.64. Meanwhile, the alternative toke should maintain beyond the prevailing chart pattern’s bottom border at $2.34 to escape the downswing fate.
MATIC’s first defense line will emerge around the 38.2% IB retracement zone at $2.37, corresponding with a 50 12hr Simple Moving Average. Before Polygon bears achieve the prevailing chart pattern’s pessimistic target of $1.64, the alt will have another support at 50% retracement market at $2.20, then 100 12hr Simple Moving Average near $2.11.
More footholds might showcase at 61.8% FIB retracement zone around 42.02, then 200 12hr Simple Moving Average around $1.83.MATIC price will secure the final defense line at 78.6% IB retracement at 41.77 before sellers hit the bearish forecast at $1.64, the level matching the Momentum Reversal Indicator’s support.
If MATIC bulls step up to shift the narrative, the alternative coin will have its first defense line at 21 12hr Simple Moving Average at $2.59, the level intersecting with 23.6% FIB retracement zone. Further resistance will emerge near the 31 December peak of $2.66 before MATIC bulls try to attack the record peak of $2.93.
For now, MATIC bears appear committed to dragging the alternative coin down. Polygon might experience a 32% drop if bulls fail to reverse the plunging trends. Meanwhile, the token has to safeguard the footing at $2.34. Violating this zone will lead to plummets towards the bearish forecast of $1.64.
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