What is Polygon (MATIC) Doing Right Now?
Polygon (MATIC) is one of the hottest cryptocurrencies out there and has shown some serious price spikes in the last couple of months.
From the past few days, the price of MATIC was being squeezed inside a symmetrical triangle on the 4hour chart, and now it has finally broken below it. This is a bearish indicator for MATIC, and the price can now fall much lower than $1.00.
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Polygon (MATIC) Bearish Scenario
The price of MATIC is looking quite bearish as it is currently trading at $1.1 and is going to test the support at the $1.00 region very soon.
The support at the $1.00 region is quite solid, but it might not hold because we have just broken out of the triangle structure. We are expecting to see a rejection at $1.00 in the next few hours before the price finally breaks below it.
Once we have broken below, our next support level will be near the $0.75 region, which is likely to hold. The price could see a serious bounce back from that region and would be a great entry point if you are looking to long MATIC.
Shorting the price at the re-test of $1.00 could also be a good opportunity as a drop to $0.75 is highly likely.
Polygon (MATIC) Bullish Scenario
Even though MATIC is looking quite bearish at the 4-hour time frame, there are still few bullish scenarios that can play out.
MATIC is respecting the above trend line that was forming the triangle structure and will need to break above it to show any bullish movements. It has already rejected the line twice and is likely to do the same the third time.
However, if MATIC manages to break above this price zone, we could see a nice move towards $1.69. This would be an ideal scenario and could give over 50% gains.
This bullish scenario is still quite likely and depends entirely on how BTC behaves. If BTC starts dropping again, altcoins will also suffer.
You can also read our latest analysis of BTC to find out where it is headed next.
Conclusion: What Can We Expect from MATIC in Near Future?
The price of MATIC is quite bearish in the short term as it has broken below the symmetrical triangle. This move towards the downside is an opportunity for traders to buy MATIC at an even lower price.