Polygon price risks 50% drop as MATIC paints inverted cup and handle pattern
The bearish technical setup has a success rate of 62% of meeting its downside price targets. Polygon (MATIC) has dropped by more than 40% from its record high of $2.92, established on Dec. 27, 2021. But if a classic technical indicator is to be believed, the token has more room to drop in the sessions ahead.MATIC price chart painting classic bearish patternMATIC's recent rollover from bullish to bearish, followed by a rebound to the upside, has led to the formation of what appears like an inverted cup and handle pattern — a large crescent shape followed by a less extreme upside....
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Axie's monthly revenue has dropped over 98% from its August 2021 peak of $364.4 million. Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.AXS risks one big breakdownDubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support.Meanwhile, as a rule of technical analysis, an inverted....
MATIC’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.95 with eyes set on $1. MATIC faces a major issue break and holds above 61.8% Fibonacci value and trends higher to a region of $1. MATIC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies. The price of Polygon (MATIC) has been one of the standout performers during the past few weeks that saw the price of Bitcoin (BTC), Ethereum (ETH), and other altcoins struggle to hold their key Support, the price of....
Polygon’s list of high-profile partners is getting longer, with Disney, Starbucks and Robinhood already boarding its blockchain. Polygon (MATIC) emerged as the best-performing asset among the top-ranking cryptocurrencies on Nov. 3 as the market’s attention turned to the latest Instagram and JPMorgan announcements.Polygon in high-profile partnershipsNotably, Meta, the parent company of Instagram, named Polygon as its initial partner for its upcoming nonfungible token (NFT) tools that allow users to mint, showcase and sell their digital collectibles on and off the social media....
After its bullish shindig seen last week, Polygon (MATIC) price is now going the opposite direction as it continues to plunge to $0.60. MATIC is seen to have plummeted by more than 20% in comparison to its peak high of $0.97 as seen in the past couple of days. The coin’s price has dropped below the support line of $.080 and shows no sign of a slowdown. The MATIC/USD has declined by 3.66% or at $0.74 as of this writing. CoinMarketCap is also showing a 10% slump in the 24-hour trading volume which is at $815,456. On the brighter side, the daily chart shows the MATIC price going for a bullish....
MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. MATIC rally caught short as BTC price continued to range. The price of MATIC must hold $0.72 support or face a drop-down to a weekly low. Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance)....