Price action is falling on popular altcoin project Polygon as death cross scares investors. Polygon (MATIC) price action has red lights flashing as a “death cross”. MATIC bulls see their efforts fall short for the fifth consecutive week loss. With a third rejection against the red descending trendline, the price target appears set at $1,246 or $1,097 in the short term, according to analyst Filip L.
altcoin
Polygon (MATIC) price action, marking the Death Cross, will close the week with another red candle, already fifth in a row. The 55-day Simple Moving Average (SMA) is moving below the 200-day SMA with this fifth consecutive negative close, making the dreaded Death Cross that will scare traders away for a long time. Expect to see continued diminishing price pressure until a major positive catalyst turns the tide, said the analyst, who said, will now see further declines.
MATIC has joined the club of cryptocurrencies bearing the death cross. Polygon price action was one of the most promising cryptocurrencies, holding good cards against some other cryptocurrencies and poised to make big gains in early 2022. As you, the readers of Kriptokoin.com, you have been watching closely, this sentiment has completely evaporated in the third month of this year. The analyst expects this current negative to outpace MATIC, as the death cross will weigh on the sentiment and won’t attract any investors anytime soon.
Lower lows can be expected
MATIC price action declined against the red descending trendline this week, indicating that the red trendline is confirmed and should be considered forward . Expect price action to trade lower now in search of support from February lows at $1,246. If the dollar strengthens and more downside headlines continue, expect to see a break lower towards $1,097 as the key historical level gains some importance and slows the downtrend, as investors expect further developments from Russia and Ukraine.
A positive catalyst can come from a globally coordinated central bank action to support the economy or from peace talks that provide some relief and soften the situation in Ukraine. When that happens, expect to see a break above the red descending trendline, a major investor input that will push the price towards the green ascending trendline near $2,000.
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