Convergence

April

Polygon

Reversal

Polygon Price: The recent market correction took a notable toll on the layer 2 scalability platform, <a href="https://coingape.com/polygon-labs-ceo-attacks-layer-3-networks-saying-they-devalue-ethereum/">Polygon</a> (Matic). From the mid-March peak of $1.29, the coin price plunged with a V-top reversal and lost 30% in value to reach $0.89. A look at the daily chart shows this correction as the formation of an inverted head and shoulder pattern signaling the potential for further downfall. 
Also Read: <a href="https://coingape.com/markets/4-under-10-crypto-to-buy-to-flip-50-into-5000-in-april/">4 Under $10 Crypto To Buy To Flip $50 Into $5000 In April</a> 
<h2 id="b-reversal-pattern-sets-matic-downfall-to-0-68-b">Reversal Pattern Sets MATIC Downfall to $0.68</h2> 
<figure id="attachment_190192" aria-describedby="caption-attachment-190192" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-190192 size-full" src="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58.png" alt="Polygon Price" width="1815" height="836" srcset="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58.png 1815w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58-300x138.png 300w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58-1224x564.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58-768x354.png 768w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58-1536x707.png 1536w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-58-150x69.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
 <figcaption id="caption-attachment-190192" class="wp-caption-text">
 Polygon Price| Tradingview
 </figcaption>
</figure> 
The long-term trendline <a href="https://coingape.com/price/polygon/">MATIC</a> price is sideways evidenced by the two converging trendlines in the daily chart. This structure indicates the formation of a symmetrical triangle pattern—a chart structure, a notable consolidation in price before the dominance force breaks for the respective side and leads a directional rally. 
<blockquote>
 However, the <a href="https://coingape.com/price/polygon/">polygon price</a> witnessed another reversal from the pattern’s upper boundary in mid-March, signaling the continuation of lateral movement. Furthermore, this fresh bear cycle develops a bearish reversal pattern Head and shoulder, which favors sellers to lead an extended correction.
</blockquote> 
On April 2nd, the MATIC price gave a bearish breakdown from $0.9 neckline support. Sustaining this breakdown may drive a 23% downfall to hit $0.687. 
Also Read: <a href="https://coingape.com/us-bitcoin-etf-takes-center-stage-in-south-korea-elections/">US Bitcoin ETF Takes Center Stage In South Korea Elections</a> 
<h2 id="strong-can-matic-price-rebound-strong">Can MATIC Price Rebound?</h2> 
<figure id="attachment_190191" aria-describedby="caption-attachment-190191" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-190191 size-full" src="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00.png" alt="Polygon Price" width="1815" height="836" srcset="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00.png 1815w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00-300x138.png 300w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00-1224x564.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00-768x354.png 768w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00-1536x707.png 1536w, https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_00-43-00-150x69.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
 <figcaption id="caption-attachment-190191" class="wp-caption-text">
 Polygon Price| Tradingview
 </figcaption>
</figure> 
In a recent technical analysis update, the prominent trader @alicharts highlighted a bullish signal for Polygon’s native token, MATIC. According to the TD Sequential indicator—a tool used by traders to identify the timing of market trends—the MATIC daily chart is flashing a buy signal. @alicharts pointed out that if MATIC can maintain its momentum above the $0.87 level, there is potential for an upward movement towards $0.95, or even reaching the coveted $1 mark. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The TD Sequential presents a buy signal on the <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a> daily chart! If <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a> stays strong above $0.87, we could see a rebound to $0.95, or better yet, $1! <a href="https://t.co/YSEoH7JbV4">pic.twitter.com/YSEoH7JbV4</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1776186416336077232?ref_src=twsrc%5Etfw">April 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Moreover, the 200-day EMA wavering around $0.87 creates a high area of interest(AOI) for buyers. A possible reversal will invalidate the breakdown of the H&amp;S pattern and set the Polygon price for renewed recovery. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A bearish crossover between the 20 and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> indicates the short-term in MATIC is bearish.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Averages Convergence Divergence. The increasing spread between the VI+(blue) and VI-(pink) indicates the sellers are strengthening their grip on this asset.&nbsp;</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-polygon-price-sees-22-fall-amid-market-correction/">Here’s Why Polygon Price Sees 22% Fall Amid Market Correction&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why Polygon Price Sees 22% Fall Amid Market Correction

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