MATIC Technical Analysis: Bears Plan To Overtake The Retest

The MATIC coin price retests a bullish breakout but the increasing bearish momentum as the market falls threatens the possibility of a fallout. Polygon is a scaling platform that allows Ethereum-backed blockchains to connect with each other. It can also helps to develop innovative Ethereum blockchains for companies that require decentralized payments. The network describes itself in the form of ‘Ethereum’s internet of blockchains’ since one of its main goals is to help support Multichain Ethereum ecosystem. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC MATIC token price fails to sustain above the crucial level of $2 and retraces to the horizontal support zone of $1.80. The retracment comes as an act of bullish breakout retest of the support zone. Hence, a lower price rejection is possible by the day’s end. However, an increase in selling pressure can crack the zone and result in a downfall to the $1.5 support zone. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price action shows a sudden increase in selling pressure as Bitcoin fails to sustain above the $45K mark. The reversal in BTC creates fear in the overall market driving the altcoins prices lower. The Stochastic RSI indicator shows a falling trend in the K and D lines after the bearish crossover in the overbought zone. Hence, the indicator reflects the starts of a bearish cycle that has the potential to break the $1....