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Polygon MATIC could be in big trouble! $0.69?
BINANCE:MATICUSDT
The long tail on Polygon's April 25 and 26 candlestick indicates that the bulls are strongly defending the support at $0.94, but the bears are still active. The downsloping 20-day EMA ($1.05) and the negative RSI signal that the bears have the upper hand.
The sellers will try to prevent the recovery in the area between the 20-day EMA and the resistance line. If the price falls back from the resistance line, it will indicate the formation of a potential descending triangle pattern, which will complete on a break below $0.94. If that happens, the MATIC/USDT pair may experience a sharp decline to $0.69.
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The long tail on Polygon's April 25 and 26 candlestick indicates that the bulls are strongly defending the support at $0.94, but the bears are still active. The downsloping 20-day EMA ($1.05) and the negative RSI signal that the bears have the upper hand.
The sellers will try to prevent the recovery in the area between the 20-day EMA and the resistance line. If the price falls back from the resistance line, it will indicate the formation of a potential descending triangle pattern, which will complete on a break below $0.94. If that happens, the MATIC/USDT pair may experience a sharp decline to $0.69.
Let me know what you think!
Follow me for more TA!
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