MATIC Technical Analysis: Bearish Teaser Of Consolidation Fallout

The MATIC coin price falls drastically in the past 24 hours indicating a potential fallout below the $1.5 zone. Will the bears overtake the trend control? Polygon is described as a Layer 2 scaler, which implies that the project isn’t looking to upgrade its basic blockchain layer anytime very soon. The goal of the project is to reduce the complexity of scaling as well as quick blockchain transactions. MATIC, the native currency of Polygon can be described as an ERC-20 token that is running in the Ethereum blockchain. These tokens are used to provide payments on Polygon and also as an exchange currency for users operating in Polygon. The transaction costs on Polygon sidechains are paid with MATIC tokens. Let us move ahead to read about MATIC technical analysis. Past Performance of MATIC The MATIC coin price struggles to overcome the sellers at the 200-day EMA as it consolidates between $1.5 support zone and $1.7. The price falls by 5% in the past 24 hours resulting in the bearish reversal within the accumulation range. The downfall creates a huge bearish engulfing candlestick that can result in a fallout of the range. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price may shortly breach the support of $1.5 and reach the support trendline of the falling channel. However, the strong buyers at $1.5 support zone will eb hard to overcome. Hence, sellers should wait for the price action confirmation. The crucial Expon...