MATIC Technical Analysis: Price Falls to Support Trendline of Rising Channel

MATIC coin price falls lower to the psychological mark of $2 with increased trend momentum. Will bears break the rising channel? Polygon is described as a Layer 2 scaler, which implies that the project isn’t looking to improve its existing blockchain layer anytime very soon. The focus of the project is on reducing the complexity of scaling and quick blockchain transactions. Polygon is a combination of the Plasma Framework with the proof-of-stake blockchain. The Plasma framework utilized by Polygon was proposed by the co-founder of Ethereum, Vitalik Buterin. Ethereum allows for the quick execution of autonomous and scalable smart contracts. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC MATIC coin price fails to rise above the resistance zone at $2.45 as indicated in our previous technical analysis. The coin price shows a downfall of more than 15% in the 72 hours as it approaches the support trendline. Currently, the price rests close to the support trendline of the rising channel and the psychological support mark of $2. Therefore, the price is close to a support confluence that increases the chances of a reversal. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price gives a downfall after showing higher price rejection in the daily chart. Moreover, the price action hints at a head and shoulder pattern with the support trendline as its neckline. The coin price breaks below ...