Polygon (MATIC) in Danger of Losing 16% If This Pattern Holds True


21 Nov 2023 4:25 PM

MATIC might face risk of 16% price decline...

  • Crypto analyst Ali has identified a head-and-shoulders pattern on the four-hour chart of Polygon (MATIC), the 14th largest cryptocurrency by market capitalization.
  • If the pattern holds, MATIC could face a 16% price decline.
  • A sustained candlestick close below the pattern's neckline at $0.79 might trigger the fall towards $0.67.
  • However, an upswing above the right shoulder at $0.86 could invalidate the bearish outlook.
  • MATIC recently reached a high of $0.983 but experienced a decline near $0.77.
  • If MATIC surpasses the $0.86 level, the $1 level might be the next target.
  • MATIC is currently working on Polygon 2.0, a roadmap for scaling Ethereum.

The sentiment of the article is neutral, providing analysis and information about the potential price movement of MATIC based on the identified pattern.

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You May Ask

What pattern has been identified on the four-hour chart of Polygon (MATIC)?What could trigger a 16% price decline for MATIC?What are the potential price targets if MATIC surpasses the $0.86 level?What is Polygon 2.0 and what is its purpose?What recent milestone did the Polygon blockchain achieve on the Ethereum mainnet?

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