- The price of MATIC has overcome the bearish target.
- Selling at the landfill price occurs at low volume.
- Invalidity – Violation less than $0.88.
MATIC price suggests that the 30% upside rally is against the trend.
MATIC price before restoration
MATIC price shows 5 completed waves of decline since the sell-off that started in March. The wave pattern should provide a brief rally against the trend, even if the overall downtrend continues. Recovery levels can be between $1.20 and $1.30, which is 30% of the current price of $1.03.
The price of MATIC is currently experiencing a massive sell-off accompanied by low volume. The lack of volume provides additional confluence, as it may take some time for the seller’s hands to reposition themselves before exerting more pressure. The price of MATIC was predicted to fall to the $1.00 region from the beginning of April. After reaching the target, profit taking can lead to a serious rally against the trend. It should be noted that this thesis was written while analyzing a 4-day chart, so it may take several weeks to update the movement against the trend.
MATIC/USDT 4-day chart
The rebuttal to the bullish thesis is a break below $0.88. If this happens, the price of Polygon could continue to decline to $0.60, which would result in a 40% decrease in the current price of MATIC.