Polygon [MATIC] sellers dominant: Is a drop below $1 imminent

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Polygon [MATIC] has been strongly bearish on the charts after it formed a double top at $1.24 in mid-March. The subsequent descent beneath $1.17 gave sellers impetus, and the buyers did not look strong enough yet to stem the tide.

How much is 1,10,100 MATIC worth today?

On 24 March, MATIC shed close to 4% on the charts. It was also the day when Polygon witnessed a massive surge in transactions, and data revealed some accumulation by the whales. Despite good metrics, the price action remained bearish.

Source: MATIC/USDT on TradingView

The former two-hour bullish order block was highlighted in red. It was broken on Monday and thereafter became a bearish breaker block. It was significant on the lower timeframes because it saw the bulls attempt to recover above the $1.1 mark on Sunday but fail, and the move below this area left behind a fair value gap as well.

This was a sign of strength from the bears. The FVG was marked by the white box and has confluence with the breaker, and sat just beneath the short-term resistance at $1.1. The RSI showed a reading of 44.8, which was neutral after some recovery from strong bearish momentum in the past couple of days.

The dotted white lines highlight the possibility of MATIC forming a hidden bearish divergence between the price and its momentum indicator. This would be a signal that the previous bearish trend would continue. Therefore, the $1.08-$1.1 area was highly likely to reject MATIC and force it toward $1 and $0.95.

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Source: Coinalyze

The funding rate remained negative at press