- MATIC was down by more than 20% in the last seven days.
- Selling pressure on the token was high, and indicators looked bearish.
Polygon [MATIC] investors had a rough ride in the last week as the token’s price dropped by double-digits. However, things could get even worse for investors, as a bearish pattern formed on MATIC’s chart at press time.
Polygon’s price is sinking
CoinMarketCap’s data revealed that MATIC’s price dropped by more than 20% over the last week. In fact, the token was down by over 5% in just the last 24 hours. At the time of writing, MATIC was trading at $0.7563 with a market capitalization of over $7 billion.
Ali, a popular crypto analyst, recently pointed out in a tweet that a bearish pattern had formed in Polygon’s chart.
#Polygon | It looks like $MATIC formed a head-and-shoulders on its 4-hour chart!
A sustained candlestick close below the pattern’s neckline at $0.79 could trigger a 16% correction toward $0.67. Invalidation of the bearish outlook comes with an upswing above the right shoulder… pic.twitter.com/doA2ECdVtH
— Ali (@ali_charts) November 21, 2023
As per the tweet, MATIC formed a head-and-shoulders on its 4-hour chart. A sustained candlestick close below
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Author: Dipayan Mitra
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