The Polygon (MATIC) price has decreased considerably since the end of February. It invalidated a long-term structure during its fall.

The readings from both long- and short-term timeframes are still bearish. As a result, the downward trend is expected to continue without a bounce.

Polygon Price Breaks Down From Long-Term Structure

The technical analysis from the weekly time frame suggests that the Polygon trend is bearish. There are two main reasons for this.

The most important one is the breakdown from an ascending parallel channel in April 2023. Before the breakdown, the channel had been in place since June 2022.

So, its breakdown is a decisively bearish sign, suggesting that the previous increase is finished. Often, such breakdowns mean that a new trend in the other direction has now begun.

The weekly Relative Strength Index (RSI)

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Author: Valdrin Tahiri

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