Technical Analysis for MATUSD for 15th June 2022
Polygon Blitz, MATIC may Tank by Another 25% to $0.30
Past Performance of MATIC
After soaring to $2.88 in Q4 2021, MATIC is now crumbling. The coin is down over 85 percent from peaks in a bear breakout formation. In the past 24 hours alone, MATIC has dropped 12 percent, and traders are in red, unable to cope with the deluge of selling pressure. Technically, Polygon remains in a bear breakout formation, favoring determined sellers.
Polygon Technical Analysis
MATIC bears are riding the lower BB, pointing to strong selling pressure. With the immediate resistance level set at $0.55, every retracement towards $0.45 and $0.50 could allow sellers to double down, targeting $0.30. Aligning with this preview is the level of participation in the past three days and the inability of buyers to reverse losses. At the same time, shifting sentiment skewed for bears doesn't help MATIC bulls. As such, sellers may look for entries to dump on every attempt higher. An unexpected surge above $0.50 could buoy demand, forcing prices above $0.55 in a retest and possible bottoms.
What to Expect from MATIC
Buyers have been demolished when writing and sellers are in control. The alignment of bear bars along the lower BB suggests strong selling pressure and high volatility, considering the divergence. In this way, MATIC is more likely to tank than print higher.
Resistance level to watch: $0.50
Support level to watch: $0.30
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