Polygon MATIC stuck between a rock and a hard place $0.99-$1.11?
BINANCE:MATICUSDT
Polygon's support line of the symmetrical triangle pattern is under threat by the bears.
A successful attempt would signal that there is an excess supply of MATIC tokens relative to demand. In such a case, the MATIC/USDT pair could drop towards the crucial 200-day SMA ($0.99). If this level is breached, the pair may begin a downtrend.
Alternatively, if the price rebounds from the current level and surpasses the 20-day EMA ($1.11), it will suggest that the bearish breakdown was a false signal. The pair may then try to move beyond the triangle's resistance line.
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Polygon's support line of the symmetrical triangle pattern is under threat by the bears.
A successful attempt would signal that there is an excess supply of MATIC tokens relative to demand. In such a case, the MATIC/USDT pair could drop towards the crucial 200-day SMA ($0.99). If this level is breached, the pair may begin a downtrend.
Alternatively, if the price rebounds from the current level and surpasses the 20-day EMA ($1.11), it will suggest that the bearish breakdown was a false signal. The pair may then try to move beyond the triangle's resistance line.
Let me know what you think!
Follow me for more TA!
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