Polygon (MATIC) Ready for Another 17% Drop – Price Prediction

  • Polygon price printed a bearish chart setup, confirming a potential 17% drop.
  • MATIC might fall to $1.245 before enthusiasts can expect a rebound.
  • For now, bulls should revisit levels at $1.978 to prevent more losses.

Polygon (MATIC) price displayed a bearish chart pattern that indicates a pessimistic outlook for the layer2 token. The alternative coin might see another 17% fall after breaking beneath a crucial support level.

Polygon Plunges beneath Vital Defense Line

The twelve-hour price chart shows MATIC sliced under the head-shoulders pattern’s neckline at $1.970 on 21 January. That had bears contemplating a bearish move towards lower-value areas of $1.245.

The surged selling momentum pushed Polygon beneath the crucial support level that served as the prevailing chart pattern’s neckline at 41.970, corresponding with 200 12Hr SMA. Such a move impacted MATIC’s price, as the crypto experienced a 24% value decline since.

As Polygon continues to lose momentum, MATIC’s price might continue plunging lower to the initial defense line at 18 September peak of $1.440. An additional barrier might appear at the 2 October peak of $1.352 before MATIC plunges to the pessimistic aim of $1.245, the level coinciding with the 23 September peak.

Polygon price might escape lower levels. However, an increase in sell orders might see the alt falling to 127.2% FIB extension at $0.978 before bouncing.

Surged buying pressure might have MATIC targeting the initial resistance level at 78.6% FIB retracement zone near $1.721. After that, it will eye the prevailing chart pattern’s neckline at $1.970, matching the 200 12hr Simple Moving Average and 61.8% FIB retracement mark.

Higher aspirations might target the 21 12hr Simple Moving Average near $2.09, then $2.235, the level where 50 12hr Simple Moving Average interests with the 100 12hr SMA.

Meanwhile, the broad market outlook appears to back MATIC’s drops. While publishing this content, assets across the crypto spectrum traded weak, awaiting further plummets before possible rebounds. For now, Polygon’s bearish pattern suggests a 17% drop before the alt attempts a bounce. Nevertheless, bulls should revisit levels at $1.978 to prevent further declines.

What are your views on the crypto atmosphere at the moment? You can leave your reply in the segment below.

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