MATIC Technical Analysis: Polygon Plunges With A Downfall Below $0.75

The MATIC technical analysis shows a trendline breakout rally crossing below the $0.75 demand zone, teasing a drop to $0.57. The MATIC price action shows a downfall below the crucial demand zone at $0.75 over the weekend. With a 9% fall, the bearish breakdown of $0.75 continues to approach the $0.57 mark, as forecasted in our previous article. So, will the bearish breakout rally crash the Polygon market value to $0.57? Key Points: The Polygon prices show a demand zone breakout. The fallout rally crosses under the $0.75 mark. The intraday trading volume in Polygon is $428 Million. Source-Tradingview MATIC Technical Analysis The MATIC price failed to sustain the $0.75 support level due to the increased selling pressure over the weekend. The 9% drop in the Polygon market value results in a bearish engulfing candle in the technical chart. The bearish breakdown of the demand zone comes after the reversal from the 50 and 100-day EMA, increasing the bearish spread. Moreover, it gives a breakout selling opportunity with a downtrend potential of $0.57. A daily candle closing below the monthly support of $0.75 will intensify the ongoing bearish momentum. This breakdown could tumble the MATIC market value by 13.5% and hit the $0.635 support. Conversely, if the sellers fail to sustain a price below the $0.75 mark, the altcoin will enter the range-bound rally and continue the sideways rally for a few more sessions. Technical Indicator The ...