MATIC Price Has Shaped a Falling Wedge Pattern: What’s Next?

MATIC Price Has Shaped a Falling Wedge Pattern: What's Next? During this fall, the MATIC price slipped below the 20-day EMA as sellers continued to dominate.

The price of Polygon (MATIC) has witnessed a remarkable recovery since November, surging by 90%. This bullish rally continued for the first three days of December, but buyers lost momentum as the price faced resistance near the $0.700 territory and consolidated for five days. However, the bears gained the upper hand, leading to a sharp fall of 18% on December 09th.

During this fall, the MATIC price slipped below the 20-day EMA as sellers continued to dominate. The price has kept falling slowly and formed a base at the $0.45 level. According to experts, the Polygon price has the potential for a bullish breakout and might perform positively.

MATIC Price Has Shaped a Falling Wedge Pattern: What’s Next?

At press time, Polygon crypto was trading at $0.452 with a drop of 0.64% in the past 24 hours. The market value was around $563.77 million and the 24-hour trading volume was $5.12 Million with a drop of 30%.

Matic crypto price has been falling by facing resistance from a declining trendline and squeezed amid this bearish trend. The price has slipped below the key moving averages. On the daily time frame, the price has formed a falling wedge pattern.

Once the price closes above the key moving average, it would be a bullish sign. This move could help the price to trigger a breakout from the falling wedge pattern. If the price triggers a breakout from the wedge, bullish momentum can be observed. If the price holds over the 200-day EMA, it may reach the last swing high.

Conversely, if the price slips below the major support level of $0.45, it would be a bearish signal. Suppose the Polygon MATIC price sustains below this level, another bearish rally can be seen. Suppose sellers remain strong, the price might hit a multi-year low.

Is MATIC Price Ready to Blast Post Breakout?

Ali, a professional crypto analyst, believes that the Matic price has the potential to gain bullish momentum ahead. The price is expected to gain 40% after a successful breakout. Once the price closes over the $0.47 mark and sustains, it might be considered a successful breakout.

Bears may fear if the price holds between the $0.47 and $0.41 levels. These two levels would decide the further direction of the trend.

Polygon Price Analysis as It is in the Breakout Zone

After a significant decline, MATIC price is currently experiencing a challenging phase. The price has dropped 14% in the past week, forming a base around the critical support level of $0.45. Although the price recently faced resistance and fell below key moving averages, there remain potential bullish signals if it can break out of the falling wedge pattern and exceed the 200-day EMA.

Such a breakout could initiate a new bullish momentum, potentially leading to a recovery towards the previous highs. However, if the price continues to trend downward and breaches the $0.45 support, it may result in a bearish rally, pushing MATIC to multi-year lows.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.