MATIC/USD quotes are trading at 1.5371 and continue to move as part of the fall and the beginning of the reversal pattern “Head and Shoulders”. Moving averages indicate a short-term bearish trend for Polygon. Prices have broken down the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a correction in the value of the digital asset and a test of the resistance level near the 1.7500 area. Where can we expect a rebound again and a continuation of the fall of the Polygon rate with a potential target below the level of 0.5500.
Polygon Weekly Forecast February 21 — 25, 2022
An additional signal in favor of the decline in MATIC/USD quotes will be a test of the descending resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the 2.3500 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 2.8500. With the breakdown of the support area and the closing of quotes below the level of 1.0005, we should expect confirmation of the development of the downward momentum for Polygon.
Polygon Weekly Forecast February 21 — 25, 2022 suggests an attempt to correct and test the resistance area near the level of 1.7500. Where should we expect a rebound and a continuation of the fall of MATIC/USD to the area below the level of 0.5500. An additional signal in favor of the decline of the Polygon coin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 2.3500 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 2.8500.
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