MATIC Technical Analysis: Buyers Under Pressure With Trendline Fallout

The MATIC price action shows a support trendline fallout ending the long-coming uptrend and endangering the buyers at the $0.75 support zone. The MATIC price action displays a reversal from the 200-day EMA breaking below the ascending support trendline and the 50 and 100-day EMAs. The bearish candle with a 4.62% drop gives the bearish breakout, teasing a downfall to $0.75. So, should you book profits before the Polygon prices drop below $0.75, or will the buyers keep the market price floating within consolidation? Key Points: The Polygon prices drop below the support trendline. The fallout trend teases a drop below the $0.75 mark. The intraday trading volume in Polygon is $438 million. Source – TradingView MATIC Technical Analysis As warned in our previous article, the MATIC prices failed to sustain above the support trendline leading to a price fall, potentially reaching the support zone at $0.75. Currently, the price action displays a bearish engulfing candle of 4.62% breaking the support zone with the daily candle gaining momentum to give bearish follow-through. Furthermore, the downtrend after reversing from the 200-day EMA also breaks under the 50 and 100-day EMA. Hence, the Polygon prices reflect an increase in selling pressure. The trading volume supports the breakout candle, solidifying the bearish sentiment and teasing a drop to $0.75. If the bearish momentum increases when the MATIC prices hit the $0.75 mark, the sup...