The MATIC price has sliced through the range low of $0.926, implying a retest of $0.832.
Polygon could reach $1.060 if it recovers quickly above $0.926.
The bullish thesis will be invalidated if the $0.833 support level is broken.
The MATIC price has been on a massive downward trend, indicating that bears are present. The sell-off was exacerbated by the recent correction, which resulted in a breakdown of the range low.
Polygon is likely to bounce back quickly and embark on a journey that cuts through key resistance points.
Over the past 56 days, MATIC price has not seen a significant higher high, indicating the bleak nature of the cryptocurrency market. Polygon’s stock has dropped 26% from July 7 to July 14, and it now trades at $0.894.
As a result of the sell-off, the range bottom was shattered as a deviation, but given the bullish setting witnessed in Bitcoin, investors should expect MATIC price to follow suit and quickly recover above $0.894.
If this occurs, market participants may see Polygon rally to $1 and even retest $1.060, which represents an 18% uptrend.
A decisive 6-hour candlestick close above $1.060 will confirm the ongoing bullish momentum and could lead to a rally that takes MATIC to $1.178.
6-hour MATIC/USDT chart
A rejection at $0.894 on the other hand, will signal weak buying pressure. A 10% decline to $0.833 would almost certainly follow such a move.
If this barrier is breached, the bullish thesis will be invalidated, and MATIC price could fall to a critical support level of $0.777.
Early in May, this area of demand was critical in igniting an exponential upswing. As a result, investors should anticipate some strength in Polygon around this level./n
