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- JB from Cheeky Crypto predicted that MATIC may drop to between $0.4458 and $0.3599.
- Before the altcoin falls to this level, the analyst added that MATIC may briefly rise.
- At press time, 2 noteworthy bearish technical flags were on the verge of being triggered.
JB, an analyst for the cryptocurrency analysis and trading channel Cheeky Crypto, predicted that the price of Polygon (MATIC) could drop to between $0.4458 and $0.3599 in the following few days. His bearish prediction is based on his belief that the altcoin’s price is still in a correction phase.
Before the Layer-2 cryptocurrency’s price falls to this range, JB added that MATIC’s price may undergo a retracement from this medium-term bearish trend. During this period, he predicted that the altcoin could rise to within the $0.57035 and $0.592115 range.
Thereafter, he anticipates that smart money investors may begin to short MATIC once its price drops to around $0.543471. Consequently, this potential sell pressure may cause MATIC to drop to within the aforementioned $0.4458 and $0.3599 zone, as per the Cheeky Crypto analyst.
Meanwhile, MATIC was trading hands at $0.553 at press time. This was after its price dropped 1.53% over the past day of trading, according to CoinMarketCap. This negative daily performance also pushed MATIC’s weekly performance further into the red zone to -1.63%.
Nevertheless, the cryptocurrency’s price could still rise to enter the $0.57035 and $0.592115 zone if traders identify MATIC’s current price as a buy opportunity. Conversely, if sellers continue to exert pressure on the altcoin’s chart, it may fall to $0.543471 – triggering smart money investors to potentially offload their holdings.
Daily chart for MATIC/USDT (Source: TradingView)
From a technical standpoint, indicators on MATIC’s daily chart suggested that MATIC’s price may drop in the next 24-48 hours. Firstly, the daily RSI line was attempting to cross below the RSI SMA line, which could suggest that sellers were gaining strength on the altcoin’s charts.
Secondly, the daily MACD line was looking to break below the MACD Signal line. Should these 2 technical indicators cross, it could signal a continuation of MATIC’s bearish trend in the following few days.
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