MATIC Price Chats Suggests Additional 25% Correction Soon.

MATIC Price Chats Suggests Additional 25% Correction Soon.

2021-12-11 | Daniel Smith

MATIC Price Chats Suggests Additional 25% Correction Soon.

The MATIC coin price movement is consistent with the stages of a developing parallel channel pattern. After failing the pattern's overhead opposition, the currency would go to the bottom support linear trend, implying a 25% drop forward. The Polygon team, on the other hand, released a happy statement about the purchase of a start-up firm, Predictable Labs, for a whopping $500 million. On the last occasion we reviewed the MATIC/USD, the coin price withstood the December 4th slaughter and, in exchange, confirmed the existence of significant demand strain with a protracted lower price denial candle. As a consequence, the price retested the rising trendline's overhead barrier. Moreover, the price was strongly rejected at this level, as seen by a long bearish enveloping candle. If the main barrier of this formation is rejected, the price should fall to the bottom trendline, which is 25% lower. The bullish convergence of the critical EMA levels keeps the MATIC coin price positive (20, 50, 100, and 200). Furthermore, the coin price is well supported by the 100 EMA line. The graph of the Relative Strength Index(57) reveals a bearish divergence, suggesting pessimism amongst market buyers.

1DAY MATIC/USD  Graph

MATIC

MATIC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

Following a rejection from the previous barrier, the MATIC coin price violated the initial support level of $2.1. The coin price is presently attempting to revisit this fresh barrier, which will provide more evidence as to if the collapse and turnaround are legitimate.

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