The post Polygon Bear Cycle Warns MATIC Price Drop To $0.38! appeared first on Coinpedia Fintech News
The selling pressure is increasing this week with increasing liquidations in the broader market. Following last week’s recovery, Polygon shares the bearish trend with other top altcoins. As the supply grows, the MATIC price drops under $0.50 and warns of a $0.38 retest.
MATIC Price Performance
Following the bullish breakout of a falling channel pattern, the MATIC price failed to surpass the $0.60 peak. Last week, the altcoin’s price jumped 27.43%, resulting in a massive bullish engulfing candle in the one-week chart.
However, the increased market volatility led to a quick downfall in Polygon. The growing bearish momentum quickly undermines last week’s recovery run and accounts for an 18.86% drop this week.
Furthermore, the MATIC price lost dominance over the $0.50 psychological mark, and the crypto price today is at $0.4256. In the daily chart, the MATIC pr
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