Polygon (MATIC) has recently gained over 7% in value, but a technical analysis of the cryptocurrency’s price movement suggests that it is in a bearish trend.
The analysis, which was conducted by Nick, shows that MATIC is currently on a 1-hour time frame chart paired with USDT on the Bitget spot exchange. Nick believes that MATIC is in a bearish structure on the hourly chart, with recent confirmation of this bearish trend.
Nick also highlights the importance of the 50 EMA (red line) and 200 EMA (white line) as potential support and resistance levels. The analyst believes that MATIC is likely to find support at the 50 EMA, but could break down below this level if the bearish trend continues.
Nick also notes that there is a rising triangular wedge pattern forming, which could lead to another move to the upside before a potential breakdown. However, the analyst believes that the overall trend is bearish and that MATIC could fall to between 35.94 cents and 44.5 cents in the near future.
Despite the current bearish trend, the analyst believes that Polygon’s MATIC may present a buying opportunity for the long term. Nick believes that MATIC could eventually reach new all-time highs, but that investors should wait for the bearish trend to end before taking a long position.
Please note that this analysis is based on technical indicators and does not take into account external factors that may influence the cryptocurrency market.