Dogecoin

Solana

Polygon

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<p>Crypto analyst Ali has highlighted a key price pattern in <a href="https://captainaltcoin.com/the-last-time-this-happened-matic-price-pumped-600-as-polygons-upgrade-is-now-days-away/" target="_blank" rel="noopener noreferrer nofollow">Polygon (MATIC)</a> in his tweet. He suggests that its near-term direction hinges on the $0.34 support level.&nbsp;</p>
<p>As per Ali, MATIC is forming a descending triangle, a bearish indicator that could signal further downside if the support breaks. However, holding above this level may lead to a potential price rebound.</p>
<p>Should this level persist, a price increase toward $0.94 is possible. However, if it breaks, a correction down to $0.19 is possible.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Polygon</a> seems to be forming a descending triangle pattern. Keep a close eye on the $0.34 support level — if it holds, <a href="https://twitter.com/search?q=%24POL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$POL</a> <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MATIC</a> could rebound to $0.94. <br><br>However, if it breaks, a correction down to $0.19 is possible. <a href="https://t.co/70QGdQtsap" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/70QGdQtsap</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1831446891449471425?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 4, 2024</a>
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<h3 class="wp-block-heading" id="strong-matic-s-descending-triangle-and-key-support-strong"><strong>MATIC’s Descending Triangle and Key Support</strong></h3>
<p>The descending triangle pattern highlighted by Ali is typically seen as a continuation pattern, signaling further downside if the support level fails. In this case, MATIC’s $0.34 support zone is critical.&nbsp;</p>
<p>This horizontal line serves as a key price floor, where buyers may step in to prevent further decline. If this level holds, it could trigger a rally back to $0.94, as mentioned by Ali.</p>
<p>Besides, the 0.786 Fibonacci retracement level, located around $0.47, serves as the first resistance zone. This level suggests a more thorough retracement because it coincides with the 1.618 Fibonacci extension.&nbsp;</p>
<p>Such a breakdown could lead to further losses for <a href="https://zycrypto.com/polygon-matic-holds-steady-as-blockchain-transition-to-pol-token-kicks-off/" target="_blank" rel="noopener noreferrer nofollow">MATIC holders</a> if the price falls below the support line.</p>
<h3 class="wp-block-heading" id="strong-what-happens-if-0-34-breaks-strong"><strong>What Happens if $0.34 Breaks?</strong></h3>
<p>In the event that the $0.34 support does not hold, Ali warns of a significant price correction, potentially down to $0.19. This level aligns with the 1.618 Fibonacci extension, signaling a deeper retracement.&nbsp;</p>
<p>Such a breakdown could lead to further losses for MATIC holders, if the price falls below the support line.</p>
<p>Moreover, the downward trendline further complicates the situation, serving as an additional resistance point. Even if the price rebounds from $0.34, it will face challenges from this trendline, coupled with the Fibonacci levels, before any bullish outlook is confirmed.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/youtuber-makes-urgent-solana-sol-price-prediction-40-crash-is-on-the-horizon/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>YouTuber Makes Urgent Solana (SOL) Price Prediction – 40% Crash Is On The Horizon</em></strong><br></a></p>
<h3 class="wp-block-heading" id="strong-watch-the-0-34-level-strong"><strong>Watch the $0.34 Level</strong></h3>
<p>In summary, the $0.34 support level is a critical zone to watch for Polygon (MATIC) traders. If it holds, the possibility of a rebound toward $0.94 exists. However, failure to maintain this level could lead to a steep drop to $0.19, as indicated by Ali’s analysis.</p>
<p>Per data from CoinGecko at press time, <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="noopener noreferrer nofollow">MATIC trades at $0.3769</a>. The token has had a Price decline over the past day and week.</p>
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<p>The post <a href="https://captainaltcoin.com/polygon-holders-should-closely-watch-this-support-as-matic-could-rebound-to-0-94/" rel="noopener noreferrer nofollow">Polygon Holders Should Closely Watch This Support as MATIC Could Rebound to $0.94</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Polygon Holders Should Closely Watch This Support as MATIC Could Rebound to $0.94

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