• Polygon’s MATIC has been falling below the $0.90 support level recently.
• Bears are pushing the price towards $0.70 unless there is a steady increase above $0.95.
• If bulls fail to protect the $0.700 support, MATIC could drop further towards the $0.62 support mark.
Polygon (MATIC) Price Drops Over 10%
Polygon’s MATIC has been dropping below the $0.90 support level against the US dollar in recent days, and bears may aim for more losses toward $0.70 unless a steady move above $0.95 can be seen in the market. The price is currently consolidating losses and is down over 10%.
Key Resistances and Supports
If there is a recovery wave, MATIC might face resistance near the $0.808 level or at 23.6% Fib retracement of its recent decline from the swing high of $0.9700 to its low of 0756$. The first major resistance lies at around $0.825 where there is also a key bearish trend line forming on daily charts with resistance at this point as well as 50-day simple moving average (blue). Above this, next major resistance stands at around 092$ which is close to 76.4% Fib retracement of its recent decline from 097$ swing high to 0756$ low mark respectively.. A clear move above this could trigger some rise in prices and possibly push it up towards 1$.
Prices Could Drop Towards 62$
On downside initial support lies around 0755$ followed by 0732$. Main support stands near 700$, if bulls cannot protect this area then MATIC might fall heavily towards 62$. Therefore, it can be said that MATIC price is gaining bearish momentum below 90$, and it might drift towards 70$ if bearish momentum continues further in future sessions..
Bulls Can Push Prices Upwards
If bulls take control, then they can push prices upwards by breaking through resistances mentioned previously which will open way for potential growth up to 1$. In order for such an event to occur, clear move must be seen above 92$ mark before anything else can happen with prices of MATIC token..
Conclusion
Overall, Polygon’s MATIC has been declining significantly over past few days while there still remains hope that bulls will take control and propel prices upwards but until then bears remain dominant on charts with risk of further declines still looming over them so traders must exercise caution while trading this digital asset..
