Will Polygon (MATIC) Bulls Recapture the $2 Level Anytime Soon?

Over the last 24 hours, the global crypto market has shifted to a state of uncertainty. The new signs point to a shift in sentiment, which could affect the performance of Bitcoin and other top-tier coins.

Despite the fact that the market was beneficial for Bitcoin in the previous 24 hours, it has since changed its tune and lost a large amount of value.

The market may face some difficulties in the next hours, as it may experience a wave of sell-offs.

Are MATIC bulls Exhausted Already?

On Saturday, the MATIC price continued to move lower towards the critical support level. Since late January, the price has been stuck in a short-term trading range of $1.30 and $1.75.

Although the MATIC price is in a difficult situation, its most recent next directional move has tilted in favour of bulls.

As the price managed to rally into $1.50 overnight, MATIC price bulls have partially confirmed this Monday’s thesis of an upsurge towards the $1.70 zone.

Unfortunately, the bears countered the increase with a vengeance, and the Polygon price quickly sank down to its present level of $1.40.

The MATIC price now indicates that the bulls are in a risky scenario, so the $1.70 target should be lowered to maximize profits and avoid a loss.

An additional upswing towards the price goal of $1.58 is possible, but the bears could reappear with equal or greater power than during the current sell-off.

A close above $1.70 invalidates the bearish premise. This bearish scenario will be invalidated if the MATIC price breaks through the $1.70 mark.

The price of MATIC could increase by 40%, bringing it back to $2. At the time of writing the coin is trading at $1.39.

The post appeared first on Coinpedia

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 98,546.40 0.12%
Ethereum (ETH) $ 3,360.58 0.56%
Tether (USDT) $ 1.00 0.04%
Solana (SOL) $ 258.31 0.35%
BNB (BNB) $ 668.40 6.24%
XRP (XRP) $ 1.55 11.55%
Dogecoin (DOGE) $ 0.462481 17.82%
Cardano (ADA) $ 1.10 27.29%
USDC (USDC) $ 1.00 0.07%
Lido Staked Ether (STETH) $ 3,359.12 0.30%