Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MATIC has lost over 30% of its value since 5 June.
- MATIC saw significant whale interest, but a strong recovery wasn’t observed.
Uncertainty still looms for Polygon [MATIC] after its classification as a security by the US SEC in early June. In addition, Bitcoin’s [BTC] drop to $24k after the Fed decision could further complicate MATIC’s price chart performance.
Read Polygon’s [MATIC] Price Prediction 2023-24
At press time, MATIC’s drop eased below its descending channel’s mid-range of $0.6530. But the mid-range has become a key roadblock for bulls. It has shed over 30% of its value since 5 June, dropping from $0.90 to $0.60.
Prices to drop further?
MATIC’s drop eased at the bullish order block (OB) of $0.3160 – $0.5010 (cyan), formed on the weekly chart on 13 June 2022. Notably, an overhead resistance level at $0.6984 is above the mid-range.
The decline in CMF and RSI reiterates increased selling pressure and capital outflows from MATIC’s market.
So, MATIC could face a price rejection at the mid-range level of $0.6530 and retest the bullish OB of $0.3160 – $0.5010. A breach of this key support zone could expose MATIC to more aggressive selling and potentially push MATIC to $0.1800.
But if the bullish OB doesn’t crack despite the uncertainty, MATIC could see a rebound from this level. The immediate target for
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Author: Suzuki Shillsalot
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