#MATIC price witnessed a significant correction of 45% within the last six weeks.
The broader market downturn prompted $MATIC price to undergo a notable correction phase, reversing from a long-standing resistance trendline.
The rejection at the overhead trendline suggests a potential retest of lower support, indicating a continuation of the sideways trend.
#Polygon coin price has experienced a consistent downtrend over the past seven weeks due to a falling wedge pattern.
Analysis of broader trends indicates that #Polygon price is hovering above the support trendline of a symmetrical triangle pattern spanning two years.
The consecutive bearish candle formation halted with a Doji candle at the $0.70 mark, potentially signaling a pause in the downtrend.
A positive turnaround possibility is visible on the weekly chart, potentially forming a morning star pattern.
Breaking the current resistance could lead to a target of $0.95, representing the 0.5 Fibonacci retracement level.
According to Coingabbar Price Analysis, Failure to surpass resistance may result in a drop below the April 13 low, returning to the support zone around $0.40.
KEY LEVELS :
RESISTANCE LEVEL : $0.7500-$0.9000
SUPPORT LEVEL : $0.6000-$0.5000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
