polygon price USD, How much is a Matic coin today?

polygon price usd,How much is a Matic coin today?

Polygon (Matic): The former leader and underdog in the cryptocurrency market have a sell-off that will wipe out the entire space by the end of 2021.

After reaching all-time highs in November 2021, the major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are down more than 40% at the time of writing with no signs of slowing down.

The potential market leader was disappointed

Polygon (Matic) defied bear market sentiment and emerged as the new market leader, outperforming Bitcoin and Ethereum for over a month. But not at the beginning of the new year. Polygon (Matic) broke new highs and broke the medium-term bullish line that started in the first quarter of 2021.

US Fed revenue down

The sale of cryptocurrencies and exchanges in the US is directly related to the US Federal Reserve's dilution policy. In the United States, a possible rate cut was announced to curb high inflation. This negatively impacts capital inflows into risky assets such as cryptocurrencies and the stock market. Money flow from both markets sent cryptocurrencies into a bear market, while US stocks remained in the red for three weeks in a row.

What to Expect: Four Possible Scenarios for Matic

As you can see from Matic's daily chart, this is smaller than the gold rally of a few days ago as selling pressures continue to wreak havoc on cryptocurrency markets. He also created the head-and-shoulder pattern, also known as the triple top pattern, a technically bearish pattern that can be interpreted as a loss of purchasing power for bulls trying to make new highs for the third time. Instead, the bears took control and pressured sales, taking money off the table as the market as a whole showed signs of heightened volatility and risk. So I see four possible scenarios for Matic shortly.

Shock recovery rally

This is an over-optimistic view, which I believe is unlikely. The recent sell-off below the initial bullish line could break the hands of weak institutional investors. If it pulls back to $2.00-$2.40, Matic is likely to strengthen in the coming days. This is possible, but unlikely given the general negative market sentiment.

Segment S1: Neckline with head and shoulders.

The next scenario is the successful completion of the head and shoulders pattern as shown above. In this case, the next support (S2), the 200-day moving average (purple line), is likely to drop from $1.55 to $1.60.

S2: 200-Day Moving Average Compensating Rally

2 MATIC support is relatively strong functional support as mentioned above. It has broken below this line of the long-term moving average at least 3 times in the past year and has risen sharply each time. Watch out for price action in this area as it is a potential buying opportunity against support as the upside potential is high at this level. Be careful he doesn't jump or Matic falls on one more leg.

H&S target model oversold due to growth

Finally, if Matic continues to trade below its 200-day moving average (S2), the next support will be the H&S bearish target pattern from $1.20 to $1.25. The bears may not have any selling pressure at this stage as the Matic would have been sold at this stage. Taurus can slowly reach this level as selling here can be very exaggerated. Be aware of the potential big opportunities at this stage.