MATIC Flag Breaks Down and Drops 9.96% Within Past 24 Hours

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Polygon - Price analysis
  • The price of Altcoin, MATIC dropped by 9.96% within 24 hours.
  • MATIC is now trading inside a symmetrical triangle.
  • The MATIC bearish market price prediction is $0.5812.

Altcoins like MATIC are struggling to rise while major crypto like Bitcoin and Ethereum are dipping due to news such as the Federal Open Market Committee (FOMC) meeting minutes. Jerome Powell, Chairman of the Federal Reserve of the United States, stated at the annual Jackson Hole Economic Symposium that greater interest rate hikes were still on the table, causing the S&P500 to fall.

MATIC 1-Hour Chart (Source: TradingView)

Looking at the 1-Hour chart of MATIC/USDT, MATIC stayed above 200 MA and indicated an uptrend. During the past 12 hours, it crossed the 200 MA and dropped by 9.96% within 24 hours. The RSI value of MATIC/USDT is 28.73. This has pushed the RSI into negative territory, indicating that sellers had an advantage. Still, readings of 30 or less suggest oversold market conditions and a greater likelihood of price strengthening (going up).

MATIC 1-Hour Chart (Source: TradingView)

Looking at MATIC/USDT, we can observe that MATIC is now inside a symmetrical triangle. A symmetrical triangle chart pattern indicates a period of consolidation before a price breakthrough or breakdown. A break below the lower trendline signals the beginning of a new bearish trend, while a break above the higher trendline means the start of a new upward trend. It is advisable to wait for a few retest structures to enter your trades.

If MATIC breaks the lower trendline at $0.7628, MATIC has the potential to drop around the support zone of $0.6343 and $0.5812. On the other hand, if it breaks the upper trendline at $0.9016, MATIC price can reach around the current resistance level of $1.0660 and $1.0284. If the uptrend pressure is heavy, it can break the resistance and achieve higher highs at $1.1860 to $1.2871.

According to CoinMarketCap, MATIC is trading at $0.8064, at the time of writing, with 8,734,317,475 MATIC in circulation. MATIC has a 24-hour trading volume of $557,369,700.51.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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