MATIC technical indicates a possible fakeout of the asymmetrical triangle due to low volume and price has gone below $1.8 despite BTC correction impact. Re-entering triangle will be a highly bullish sign for the token.
MATIC is currently holding the 19th position in the crypto market ranked based on market cap. With a 24h trading volume of more than $640 million, MATIC is up 1.38% in the last 24h period. The 24h trading volume of the Polygon is down by 11% which doesn’t seem a good sign. The market cap of MATIC is $12,902,474,772. MATIC was down due to BTC correction but MATIC technical indicates something very interesting.
MATIC technical indicates that in the 4H MATIC has made a double bottom:
MATIC technical indicates that in the 4H time frame chart MATIC has made a double bottom and was ready with strong support at $1.80 but the correction of BTC has stopped it from the price bull run for now. It looks like a fakeout of asymmetrical triangle due to low volume in the 2H time frame chart. MATIC technical indicates that if it re-enters the triangle then it would be an extremely bullish sign for the token. Key resistance levels are $1.90 and $2.2.
However, if MATIC fails to enter the triangle again then it would fall and $1.7 price will be key support level for the token. DYOR.