Polygon (MATIC) Faces Potential 16% Drop if This Bearish Chart Pattern Triggers

2023-11-21 20:30

According to technical analyst Ali, Polygon (MATIC) faces downside risk after forming a bearish head-and-shoulders chart pattern on its 4-hour timeframe.

Ali highlights how MATIC recently forged the right shoulder of this reversal formation, with the neckline support at $0.79. He notes that if MATIC closes decisively below $0.79 on a sustained timeframe, the head-and-shoulders target projects a 16% sell-off towards the $0.67 level.

Traders should watch $0.79 closely as a trigger point for possible MATIC weakness ahead. According to Ali, invalidation of the bearish thesis only comes if MATIC reclaims the recent right shoulder high around $0.86, signaling bulls have re-established control.

If bears do force a neckline breakdown, the crowd psychology driving head-and-shoulders patterns suggests many nervous MATIC longs would likely cut losses and accelerate selling pressure around $0.67.

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In summary, while no outcome is guaranteed, Ali illustrates an emerging risk for MATIC holders from a technical perspective. MATIC’s recent rally appears exhausted, and failure to reclaim $0.86 could open the door to significant downside. Traders should plan risk management around the make-or-break $0.79 level during coming days.

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The post Polygon (MATIC) Faces Potential 16% Drop if This Bearish Chart Pattern Triggers appeared first on CaptainAltcoin.

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$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
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Источник: captainaltcoin.com

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