Look Out For This Bearish Formation On MATIC’s Daily Chart

• MATIC is currently trading hands at $1.26 after a 2.35% drop in price.
• There is a sell signal on MATIC’s 1-day chart.
• The price of MATIC could drop as low as $1.2 or even $1.

Almost all of the top 10 cryptos are in the red for today, and Polygon (MATIC) is no exception to this. The crypto market tracking website CoinMarketCap indicates that MATIC is currently trading hands at $1.26 after a 2.35% drop in price over the last 24 hours. The crypto reached a low of $1.22 and a high of $1.34 over the same time period.

MATIC is, however, still in the green by more than 5% over the last week. The altcoin was also able to strengthen against Bitcoin (BTC) and Ethereum (ETH) by about 0.59% and 2.31% respectively over the last day.

Also in the green zone is MATIC’s 24 hour trading volume which stands at $1,267,764,659 after a more than 19% increase since yesterday. With its market cap of $10,945,312,384, MATIC is currently ranked the ninth biggest crypto in terms of market capitalization. This places it right behind Cardano (ADA) in the eight position and in front of Dogecoin (DOGE) which is ranked tenth.

Yesterday, a crypto enthusiast took to Twitter to share his own opinion about MATIC, and what the price of the crypto could do in the coming days. According to the post, there is a sell signal on MATIC’s 1-day chart.

The poster added that this bearish formation means that traders could anticipate a 1 to 4 candlestick correction that could see the price of MATIC drop as low as $1.2 or even $1. For this bearish thesis to be invalidated, MATIC will have to close above $1.4.

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