MATIC price is currently grappling with a recently created support level as bulls lose steam. Two things could happen here, a minor price pullback followed by another leg-up or sideways movement that allows the buyers to recuperate and enter a new uptrend.
MATIC set up two swing highs at a price of $1.136 on July 26 and August 1 before briefly rallying above it. Although the ascent produced a 9-hour candlestick pattern close above this barrier, it is currently being contested to be undone.
This move signals that the bulls are either recuperating as investors book profit. Therefore, investors can expect a minor consolidation or a price pullback that stays above the $1.019 support level.
Assuming Polygon MATIC price retraces to $1.019, the resulting rally should easily slice through $1.136 and tag the subsequent barrier at a price of $1.435, roughly 40% upswing.
In a highly bullish case, Polygon price could extend this rally to tag the $1.726 supply level, which would constitute a 70% climb from $1.019.
While the bulls seem to be secured and out of trouble, things could go away if the $1.019 support level is breached. This move would jeopardize the uptrend since it would open up the possibility of a lower low level that shifts the odds in the bears’ favor.
A breakdown of $0.90 will invalidate the price bullish thesis and open the path to further downside.
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