Polygon Holders Should Closely Watch This Support as MATIC Could Rebound to $0.94

Crypto analyst Ali has highlighted a significant price pattern in Polygon (MATIC) in his tweet. He suggests that MATIC's near-term direction hinges on the $0.34 support level.

According to Ali, MATIC is forming a descending triangle pattern, a bearish indicator that could signal further downside if the support breaks. However, holding above this level may lead to a potential price rebound.

Should this level persist, a price increase toward $0.94 is possible. Conversely, if it breaks, a correction down to $0.19 is possible.

MATIC's Descending Triangle and Key Support

The descending triangle pattern highlighted by Ali is typically seen as a continuation pattern, indicating further downside if the support level fails. In this case, MATIC's $0.34 support zone is crucial.

This horizontal line serves as a key price floor, where buyers may step in to prevent further decline. If this level holds, it could trigger a rally back to $0.94, as mentioned by Ali.

What Happens if $0.34 Breaks?

In the event that the $0.34 support does not hold, Ali warns of a significant price correction, potentially down to $0.19. This level aligns with the 1.618 Fibonacci extension, signaling a deeper retracement.

Watch the $0.34 Level

In summary, the $0.34 support level is a critical zone to watch for Polygon (MATIC) traders. If it holds, the possibility of a rebound toward $0.94 exists. However, failure to maintain this level could lead to a steep drop to $0.19, as indicated by Ali's analysis.