The post MATIC Price Analysis: MATIC Suffers As EMA Triggers Sell-Off! appeared first on Coinpedia Fintech News
Despite the recent breakout with the market recovery, the MATIC coin price found a bearish setback sooner than expected. The sudden bearish takeover reflects the weakness in buying spirit and warns of a sharp correction.
The higher price rejections leading to the 5.65% drop in MATIC price attempts to nullify the breakout signal. Threatening the spirit of Uptober rally, the sudden market-wide correction raises doubt against MATIC price predictions hinting at $1 in 2023.
The MATIC price jump with the double bottom breakout fails to exceed the 50-day EMA, leading to a downside reversal. Moreover, the higher price rejections close to $0.60 reflect a huge supply inflow undermining the recovery rally.
With long wicks, the Polygon prices shadow a double top pattern during the consolidation at the 50-day EMA. Additionally, last night’s recently formed bearish engulfing candle
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