Short
Is Polygon MATIC doomed?
BINANCE:MATICUSDT
Polygon is making efforts to initiate a recovery that could reach the breakdown level at $0.94. However, strong defensive measures from the bears are expected at this level. If the price turns down from $0.94, it would indicate that the bears have transformed this level into a resistance zone. They will likely attempt to further solidify their position by pulling the MATIC/USDT pair below $0.81, potentially leading to a decline towards $0.69.
Conversely, if buyers successfully drive the price above $0.94, it would signify robust buying at lower levels. The pair may initially rise towards the 50-day SMA ($1.03) and subsequently attempt a rally towards the resistance line.
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Polygon is making efforts to initiate a recovery that could reach the breakdown level at $0.94. However, strong defensive measures from the bears are expected at this level. If the price turns down from $0.94, it would indicate that the bears have transformed this level into a resistance zone. They will likely attempt to further solidify their position by pulling the MATIC/USDT pair below $0.81, potentially leading to a decline towards $0.69.
Conversely, if buyers successfully drive the price above $0.94, it would signify robust buying at lower levels. The pair may initially rise towards the 50-day SMA ($1.03) and subsequently attempt a rally towards the resistance line.
Let me know what you think!
Follow me for more TA!
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