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MATIC could find support at $0.74
BINANCE:MATICUSDT
The symmetrical triangle pattern in Polygon became uncertain with the break below the support line on April 19. The bulls are trying to protect the 200-day SMA ($1.01), but any recovery may face resistance at the 20-day EMA ($1.11). If the price declines from the 20-day EMA, it may increase the possibility of a break below the 200-day SMA.
This could intensify selling and bring the MATIC/USDT pair towards the pattern target of $0.74. However, if the price rises above the 20-day EMA, it suggests strong buying at lower levels. The pair may then rise to the resistance line of the triangle, and a break and close above this level may turn the table in favor of the bulls.
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The symmetrical triangle pattern in Polygon became uncertain with the break below the support line on April 19. The bulls are trying to protect the 200-day SMA ($1.01), but any recovery may face resistance at the 20-day EMA ($1.11). If the price declines from the 20-day EMA, it may increase the possibility of a break below the 200-day SMA.
This could intensify selling and bring the MATIC/USDT pair towards the pattern target of $0.74. However, if the price rises above the 20-day EMA, it suggests strong buying at lower levels. The pair may then rise to the resistance line of the triangle, and a break and close above this level may turn the table in favor of the bulls.
Let me know what you think!
Follow me for more TA!
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