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Matic Token Sell Off Continues

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@scaredycatguide
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The price of Matic has been selling off for a week straight now. The selling pressure kicked off when price broke down out of the descending triangle

If you are not familiar with Matic it is the token associated with the polygon network.

Diver Down!

Looking at the chart above you can see the aforementioned descending triangle and the break of support at the $1.05 area.

Since then price has sold off toward the next clear support level of 70 cents. That was the last area of consolidation in May before price leveled up and went on its moonshot.

In fact many coins look like this where they are just one last sell off to doing a full roundtrip from the moonshots made earlier this year.

If 70 cents was to be reached and breached then the next support level is around 30 cents.

As for upside, price needs to get some legs and make a run at the $1.05 area as it now represents the nearest upside resistance.

The silver lining is volume has been very low on this sell off, so it seems more like there are no buyers present as opposed to massive selling.

Posted Using LeoFinance Beta