MATIC Might Drop to $0.3599 within the Subsequent Few Weeks, Says Analyst

• JB from Cheeky Crypto predicted that MATIC might drop to between $0.4458 and $0.3599.
• Earlier than the altcoin falls to this stage, the analyst added that MATIC might briefly rise.
• At press time, 2 noteworthy bearish technical flags had been on the verge of being triggered.

JB, an analyst for the cryptocurrency evaluation and buying and selling channel Cheeky Crypto, predicted that the worth of Polygon (MATIC) might drop to between $0.4458 and $0.3599 in the next few days. His bearish prediction is predicated on his perception that the altcoin’s value remains to be in a correction section.

Earlier than the Layer-2 cryptocurrency’s value falls to this vary, JB added that MATIC’s value might bear a retracement from this medium-term bearish pattern. Throughout this era, he predicted that the altcoin might rise to throughout the $0.57035 and $0.592115 vary.

Thereafter, he anticipates that sensible cash buyers might start to quick MATIC as soon as its value drops to round $0.543471. Consequently, this potential promote stress might trigger MATIC to drop to throughout the aforementioned $0.4458 and $0.3599 zone, as per the Cheeky Crypto analyst.

In the meantime, MATIC was buying and selling arms at $0.553 at press time. This was after its value dropped 1.53% over the previous day of buying and selling, in keeping with CoinMarketCap. This unfavorable each day efficiency additionally pushed MATIC’s weekly efficiency additional into the purple zone to -1.63%.

However, the cryptocurrency’s value might nonetheless rise to enter the $0.57035 and $0.592115 zone if merchants establish MATIC’s present value as a purchase alternative. Conversely, if sellers proceed to exert stress on the altcoin’s chart, it might fall to $0.543471 – triggering sensible cash buyers to probably offload their holdings.

From a technical standpoint, indicators on MATIC’s each day chart urged that MATIC’s value might drop within the subsequent 24-48 hours. Firstly, the each day RSI line was making an attempt to cross beneath the RSI SMA line, which might recommend that sellers had been gaining power on the altcoin’s charts.

Secondly, the each day MACD line was trying to break beneath the MACD Sign line. Ought to these 2 technical indicators cross, it might sign a continuation of MATIC’s bearish pattern in the next few days.