MATIC Set For A New Price Dump?
Matic increase this place a solid support train line in action in the four-hour chart.
The recent correction under the influence of a new resistance trendline has resulted in a decline of 21% since 13 July.
These trendlines form a symmetrical triangle. Currently, the polygon prices are the support trendline after dropping below the crucial support level of 0.7160.
Additionally the selling pressure seems pretty evident with the ongoing correction phase and the rise in trading volume.
As per the EMAs, a potential death cross is seemingly inevitable. The RSI indicator is in the oversold zone projecting an extra bull cycle within the triangle before any decisive moves.
A bullish breakout can reach the $0.7990 swing high. However, a bearish breakdown will prove catastrophic for the polygon investors as the prices can dump by 13.76% to $0.60
At present, the price is within no-trade zone, and traders should wait for a decisive breakout.