The post What Can We Expect from the Polygon(MATIC) Price in the next 48 hours? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The Polygon(MATIC) price is swinging along with the crucial levels throughout the weekend. And opted to continue with the bearish trend since the early trading hours. However, a slight change in the trend is witnessed as the asset flipped the bears. But no significant trend reversal can be ascertained until and unless, the price fixes above $1.5 levels. Technicals do indicate a slight flip from the bearish trend, yet no confirmations are let out till now.
MATIC price was trading in between a symmetrical triangle for a long time. And a notable flip was expected once the asset hits the lower support of the triangle. However, the price could not ignite a flip, rather pierced through the triangle and continued surging below. Luckily, the asset sustained quickly as it halted the bearish trend but could not enter the triangle yet again. Therefore a fair chance of the price slipping below again surfaces.
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Coinpedia had reported earlier that MATIC price was primed for a 12% u[swing, but the weekend plunge changed the entire plot. Usually, the symmetrical triangle pattern results in a breakout from the consolidation towards the immediate resistance. Yet some exceptional cases like that happened with MATIC price last weekend, the price broke down from the triangle signalling a bearish trend.
Currently, fewer possibilities of a flip are witnessed as the price at the press time is unable to re-enter the triangle despite a notable buying volume. And therefore, the current flip may be challenged by the bear anytime from now. Hence dragging the price towards the lower support around $1.2 initially and around $1, if MATIC price fails to sustain. On the other hand, if in case it manages to re-enter the triangle it may yet again face a drawback or hover along with the lower support without getting a strong impulse action towards the upper resistance.
Written by: Sahana Vibhute
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