• Polygon’s MATIC is currently trading below the $0.90 support level.
• The bears are targeting a downside break towards the $0.70 support level.
• If the bulls are successful, MATIC could reach the $1.10 resistance level.
MATIC Price Plunging Below $0.90
Polygon’s MATIC has been trending downwards against the US dollar over the past few days, dropping from above $0.95 to below $0.90 support levels. This bearish momentum could push MATIC further down and target a downside break toward the $0.70 support level unless there is a steady move above $0.95 again soon.
Key Bearish Trend Line Forming
A low has formed near $0.756, and the price is now consolidating its losses after dropping over 10%. If there is any kind of recovery wave, MATIC might face resistance near the 0$0800 or 23.6% Fib retracement levels of its recent decline from around 0$09700 swing high to 0$0750 lows on its daily chart analysis . The first major resistance in this case will be near 0$0825 as a key bearish trend line is forming with resistance at that point on its daily chart analysis .
Downside Break Could Target $0.732 Support Level
The next major resistance for MATIC will be near 0$0920 and it’s close to 76% Fibonacci retracement level of its recent decline from around 0$09700 swing high to 0$0750 lows on its daily chart analysis . If bulls can manage to clear this point then it could open up more upside potential for MATIC and bring it closer towards testing out 1$0100 psychological resistanc elevel . On the other hand , if bears remain in control and push MATC lower then initial support should comein at around 0$0700 followed by main suport at 0$0732 so we could see some decent selling pressure if these points get breached .
Upside Potential Limited Without Clear Break Above Key Resistance Levels
At this time , upside potential appears limited without bulls managing to break above key resistances discussed earlier so we will have to wait and see how situation develops in coming sessions . Any meaningful recovery attempt must include firm breach of mentioned resistances as well as 50 simple moving average (blue) on daily chart before we can consider possibility of sustained upside movement for POLYGON’s native token .
Conclusion
MATC price is currently gaining bearish momentum below 0$0900 support and risks downside break towards 70000 support unless bulls manage to kick off some meaningful recovery rally soon . It follows key bearish trend line with resistance at 82500 on daily chart so any upside attempts may struggle without clear break above this point