What Can We Expect from the Polygon(MATIC) Price in the next 48 hours?

What Can We Expect from the Polygon(MATIC) Price in the next 48 hours?

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. 

Also Read: Is Cardano(ADA) Price To $1 Inevitable on 17th March? Will Alonzo Hard Fork Be The Catalyst?

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. 

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Written by: Sahana Vibhute


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