Polygon MATIC price looks very bearish as it has broken the bullish market structure on a higher timeframe. The price of the native asset for Polygon blockchain has been in a downward spiral for the last few weeks as the crypto markets experienced a blood bath due to tanking BTC price.
On Friday, crypto markets are showing a mixed sentiment as the BTC price trades at $25,500. MATIC crypto is having its third red day in a row as the cryptocurrency plummeted another 2.93% today. The latest analysis reveals that there is more downside for the top digital asset.
MATIC TVL Drops To Fresh Yearly Lows
Polygon MATIC was one of the best-performing cryptocurrencies of this year, as the price had a 111% surge in the first 6 weeks. However, the price action reversed as BTC price failed to break the $30,500 resistance level. Consequently, the Polygon Matic price is now trading around 64% below its yearly high.
Since last week, Polygon price has plummeted more than other top cryptocurrencies. This sell-off can be attributed to the latest crackdown of the SEC against crypto exchanges. In its lawsuits against Binance and Coinbase, SEC has labeled MATIC, SOL, ADA, and many other altcoins as unregistered securities.
Polygon MATIC Price May Drop Another 40%
The latest analysis shows that Polygon price has created a lower low on the weekly timeframe. This has broken the bullish market structure that started after its June 2022 bottom. This put the likelihood of a retest of last year lows on the cards. This will mean another 40% downside, where the bulls may target the $0.33 level.
The only way to avoid this bearish Polygon MATIC price prediction is for the price to close the week above $0.97. As long as this doesn’t happen, my outlook on the digital asset will remain bearish. Please note that this doesn’t mean that MATIC is going to $0.33 this week, such setups take weeks play out.
In the meantime, you are also welcome to follow me on Twitter to keep track of my personal trades and the updated Polygon Price.
