In a recent series of tweets, Twitter analyst Trade4ddict (@Trade4ddict) has raised concerns over the potential breakdown of the price range for Polygon’s $MATIC token. The trader has been monitoring the 13-day price range and has identified signs of a bear flag and bearish hidden AO divergence.
Trade4ddict’s analysis indicates that $MATIC is on the brink of confirming a breakdown of its price range, and the bear flag pattern could continue to play out. “I’m ready for a short #MATIC to $0.51 support if we close the day under range low,” the analyst tweeted, signaling a bearish outlook for the cryptocurrency.
The analysis further highlights that $MATIC is still moving within its 13-day price range after confirming a bear flag. If a breakdown occurs and the price closes below the range, Trade4ddict is eyeing a short position, targeting $0.56 support as the first goal for #MATIC. The full analysis can be found on Trade4ddict’s Twitter.
TraderSZ (@trader1sz), another trader, quoted Trade4ddict’s analysis, stating, “It’s not looking good Brav for $MATIC.”
The warnings from these analysts come at a time when the broader crypto market is facing uncertainty and volatility. Investors and traders are advised to exercise caution and closely monitor the situation as it unfolds.
Polygon’s $MATIC has been one of the standout performers in the crypto space, but the recent technical signals could spell trouble for the token. The market will be watching closely to see if Trade4ddict’s predictions come to fruition, as a breakdown could have significant implications for $MATIC’s price trajectory.
