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

• 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.