The crypto markets have again fallen into a bearish trap as the majority of the tokens witnessed a huge drop in their prices after undergoing a slight upswing. The global crypto market cap sticks around $1.05 trillion, indicating a huge drop in market volatility. While Bitcoin sustains around $26,000, the popular altcoins also face some bearish pullbacks. Polygon’s price also displays a huge possibility of a bullish reversal, provided the upcoming weekly close records a massive green candle.
The MATIC price has been displaying acute weakness ever since the price broke down from the sideways accumulation around $0.7. The descent dragged the price from these levels below $0.55, around which the trade is materializing at the moment. However, the volatility has marginally spiked up, which suggests the price may also witness a decent breakout soon.
Ever since the Bitcoin market experienced a massive crash in recent times, the MATIC price has begun a huge correction process. However, the token is holding strong compared to the other cryptos in the market, as the price did not create a new low as many altcoins did. The levels are around $0.528, which has been proven to be a strong support area. As the price is still in a correction process, both possibilities are still valid for bullish and bearish movements.
As the MATIC price continues to trade within a multi-month falling wedge, the possibility of a bullish reversal emerges. Besides, considering the current market conditions, there are huge probabilities of continuing with the bearish trend, which may drag the price below $0.35; otherwise, the higher targets could be above $0.9.
