• Polygon’s MATIC is currently trading below the $0.95 support level and is signaling more losses toward the $0.755 support zone.
• Bears seem to be in control of the market, but if bulls step up, there may be a chance for recovery, with potential upside targets at the $1.10 and $1.20 resistance levels.
• The main support sits near the $0.755 zone, and if that fails to hold, MATIC could see further selling pressure and a possible drop towards the $0.62 support level.
MATIC Price Analysis
The price of Polygon (MATIC) has been on a downward trend recently, trading below the key 0.95 support level and signaling more losses toward the 0.755 support zone. Bears appear to have taken control of the market but there might still be hope for recovery if bulls can step up their game and push prices beyond both the 1.10 and 1.20 resistance levels .
Key Support Level
The main support for MATIC lies around 0.755 which is close to a 1.618 Fibonacci extension level derived from an upward move between 0.943 swing low and 1.249 high . If this fails to hold then there is likely to be a significant amount of selling pressure resulting in further drops towards 0.62 .
Upside Potential Targets
If bulls can make headway then they will target key resistances at 1