Polygon's MATIC is still bearish
BINANCE:MATICUSDT
On June 10, Polygon experienced a sharp decline, breaking below the support level at $0.69 and reaching the psychologically significant level of $0.50. The bulls stepped in and initiated a recovery, but they are likely to face strong resistance at the breakdown level of $0.69. A reversal from this level would suggest that the bears have turned the level into resistance, leading to a retest of the $0.50 support.
Conversely, if the bulls manage to propel the price above $0.69, the MATIC/USDT pair may advance towards the 20-day EMA ($0.76). A breakthrough at this level would indicate a weakening grip of the bears, potentially leading to a rally towards $1.
On June 10, Polygon experienced a sharp decline, breaking below the support level at $0.69 and reaching the psychologically significant level of $0.50. The bulls stepped in and initiated a recovery, but they are likely to face strong resistance at the breakdown level of $0.69. A reversal from this level would suggest that the bears have turned the level into resistance, leading to a retest of the $0.50 support.
Conversely, if the bulls manage to propel the price above $0.69, the MATIC/USDT pair may advance towards the 20-day EMA ($0.76). A breakthrough at this level would indicate a weakening grip of the bears, potentially leading to a rally towards $1.
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