Polygon (MATIC) Price Today: Face Downside Risk of 30%, Right Time To Book Profit?

Polygon (MATIC) price has surged more than 80% following the consolidation in January. The token has breached the 200-day Simple Moving Average (SMA) at $1.62 but the rally remained short-lived. As the price dropped 19% in just two days.

Polygon (MATIC) consolidates after two days of massive loss.
MATIC price face rejection near 50-day SMA at $2.13.
After making swing top investors expect price retracement toward $1.40.

At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. As per the CoinMarketCap, the 24-hour trading volume is at $1,596,249,328 with a live market cap of $12,727,985,545.

Source: Trading view

On the daily chart, Polygon (MATIC) price has formed a downside pattern from the October $2.92, with a classic lower high lower low formation. MATIC price has sliced through the 50-day Simple Moving Average (SMA) at $2.27 on January 17, the price falls like a pack of cards.

However, buying pressure emerged near the lower trend line near the $1.35 historical demand zone. Furthermore, the price has breached the 200-day Simple Moving Average (SMA).

MATIC price may face its first downside target at the $1.40 horizontal resistance line. Furthermore, a break below the mentioned support level, the price could test the $1.20 lower trend line of the downside channel.

On the other hand, if the price is able to sustain the session’s low then it could reverse back to the psychological $2.0 level followed by the $2.20 horizontal resistance line.

Technical Indicators:

RSI: The Relative Strength Index (RSI) sliced below the moving average line indicates bulls are tiring near the higher levels.

MACD: The Moving Average Divergence Convergence (MACD) holds below the midline points at the bearish bias.

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