Polygon price finally finds a solid footing at $0.53, leading to a short recovery support trendline. Moreover, with hours left for the Bitcoin ETF’s SEC deadline, the support levels’ altcoins may find a bullish spike soon.
As MATIC prices downtrend under the influence of a resistance trendline, the MATIC price action forms a triangle pattern in the 4-hour chart.
The MATIC price action completes the negative cycle by crashing to the support trendline in the triangle pattern. However, the support trendline holds the MATIC prices and avoids further decline.
With a positive cycle in order, the MATIC coin price may soon rise within the triangle to challenge the overhead trendline. However, the 7.72% drop in the last 48 hours warns of a downtrend continuation in Polygon under $0.50.
Moving to the technical indicators, the MACD and RSI display a bearish trend in the 4-hour chart. The declining 50 and 200-day EMA also represent a strong bearish sentiment.
Trapped in a triangle pattern, MATIC coin price coils up trend momentum and prepares for a sharp move upon breakout. Moreover, the ongoing correction warns of a support trendline breakout to break the bullish dominance at $0.50.
In such a case, the bearish breakdown will plunge the MATIC price to $0.4480
Optimistically, the MATIC price breakout rally can reach the 50-day EMA close to the $0.70 mark.
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