Polygon Price Faces Potential Dump to Lows of $0.94 as Bears Breach Major Support Area
Polygon, the popular cryptocurrency, is facing a potential dump to lows of $0.94 if bears breach a major support area. The current price of MATIC is below the 50 simple moving average, and the 4-hour RSI is below 50. A downward flip for Bitcoin could impact MATIC movement, making the situation even more precarious.
Polygon price has been on an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022. A strong bounce in the first two months of the year has hit tough terrain, with price declines across the market contributing to MATIC reversing course. A potential breakdown to lows of $1.00 is likely if bears take further control of short-term market sentiment.
In particular, the outlook for Bitcoin suggests bears are not ready to give up territory around $22,500, a scenario that could see BTC dump and catalyze fresh losses across the market. This could have a significant impact on Polygon’s price, as it is already struggling to maintain its current levels.
Investors are advised to keep a close eye on the market and monitor any developments that could impact Polygon’s price. While there is still hope for a recovery, the current situation is precarious, and caution is advised.
