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<p>According to technical analyst <a href="https://twitter.com/ali_charts/status/1726916197826834758" target="_blank" rel="noopener noreferrer nofollow">Ali</a>, Polygon (MATIC) faces downside risk after forming a bearish head-and-shoulders chart pattern on its 4-hour timeframe.</p>
<p>Ali highlights how MATIC recently forged the right shoulder of this reversal formation, with the neckline support at $0.79. He notes that if MATIC closes decisively below $0.79 on a sustained timeframe, the head-and-shoulders target projects a 16% sell-off towards the $0.67 level.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="571" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-1024x571.png" alt="" class="wp-image-381911" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-1024x571.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-300x167.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-768x428.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-1536x856.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-2048x1141.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-269x150.png 269w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-628x350.png 628w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535-788x439.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-535.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Traders should watch $0.79 closely as a trigger point for possible MATIC weakness ahead. According to Ali, invalidation of the bearish thesis only comes if MATIC reclaims the recent right shoulder high around $0.86, signaling bulls have re-established control.</p>
<p>If bears do force a neckline breakdown, the crowd psychology driving head-and-shoulders patterns suggests many nervous MATIC longs would likely cut losses and accelerate selling pressure around $0.67.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/litecoin-whale-activity-could-foreshadow-next-bull-run-while-solana-flashes-sell-signal/" target="_blank" rel="noopener noreferrer nofollow">Litecoin Whale Activity Could Foreshadow Next Bull Run While Solana Flashes Sell Signal</a></li>
 <li><a href="https://captainaltcoin.com/shiba-inu-magazine-highlights-wellys-commitment-to-shibarium-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Magazine Highlights Welly’s Commitment to Shibarium Blockchain</a></li>
 <li><a href="https://captainaltcoin.com/benjamin-cowen-predicts-bitcoins-rise-to-100k-by-2025-inqubeta-celebrates-5m-presale-triumph/" target="_blank" rel="noopener noreferrer nofollow">Benjamin Cowen Predicts Bitcoin’s Rise to $100K by 2025; InQubeta Celebrates $5M Presale Triumph</a></li>
</ul>
<p>In summary, while no outcome is guaranteed, Ali illustrates an emerging risk for MATIC holders from a technical perspective. MATIC’s recent rally appears exhausted, and failure to reclaim $0.86 could open the door to significant downside. Traders should plan risk management around the make-or-break $0.79 level during coming days.</p>
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<p>The post <a href="https://captainaltcoin.com/polygon-matic-faces-potential-16-drop-if-this-bearish-chart-pattern-triggers/" rel="noopener noreferrer nofollow">Polygon (MATIC) Faces Potential 16% Drop if This Bearish Chart Pattern Triggers</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Polygon (MATIC) Faces Potential 16% Drop if This Bearish Chart Pattern Triggers

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