The MATIC coin price falls drastically in the past 24 hours indicating a potential fallout below the $1.5 zone. Will the bears overtake the trend control?

Polygon is described as a Layer 2 scaler, which implies that the project isn't looking to upgrade its basic blockchain layer anytime very soon. The goal of the project is to reduce the complexity of scaling as well as quick blockchain transactions.

MATIC, the native currency of Polygon can be described as an ERC-20 token that is running in the Ethereum blockchain. These tokens are used to provide payments on Polygon and also as an exchange currency for users operating in Polygon. The transaction costs on Polygon sidechains are paid with MATIC tokens.

Let us move ahead to read about MATIC technical analysis.
<h2>Past Performance of MATIC</h2>
The MATIC coin price struggles to overcome the sellers at the 200-day EMA as it consolidates between $1.5 support zone and $1.7. The price falls by 5% in the past 24 hours resulting in the bearish reversal within the accumulation range. The downfall creates a huge bearish engulfing candlestick that can result in a fallout of the range.

<img src="https://s3.tradingview.com/snapshots/p/pA01yR66.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/pA01yR66/">MATIC/USD Daily Chart</a>
<h2>MATIC Technical Analysis</h2>
The <a href="https://www.cryptoknowmics.com/news/matic-technical-analysis-bloodshed-soon-to-break-1-5-support-zone/">MATIC</a> coin price may shortly breach the support of $1.5 and reach the support trendline of the falling channel. However, the strong buyers at $1.5 support zone will eb hard to overcome. Hence, sellers should wait for the price action confirmation.

The crucial Exponential Moving averages show the token exchanging hands below the 200-day EMA as it struggles to rise above it. The falling 50 and 100-day EMA can shortly give a bearish crossover.

The MACD indicator shows the fast and slow lines merged in the negative territory as the trend falls in bearish histograms. However, the rejection in price action might result in a bearish continuation in the lines.

The Stochastic RSI indicator shows an early end of the bullish cycle as the K and D lines give a bearish crossover below the overbought zone. Therefore, the indicator reflects a rise in the selling pressure. 

In conclusion, the indicators and the MATIC price action suggest a high possibility of a bearish breakout of the $1.5 support zone.
<h2>Upcoming Trend</h2>
The MATIC coin price is under the sudden increase of selling pressure that may influence the upcoming trend if the $1.5 support zone collapses. However, strong buyers at the zone might continue the resonance within the accumulation range.

Therefore, sellers need to wait till the prices break below the support zone before taking an entry to target a downfall to $1.25.

MATIC Technical Analysis: Bearish Teaser Of Consolidation Fallout

The MATIC Technical Analysis shows the coin price falling drastically in the past 24 hours indicating a potential fallout below the $1.5 zone.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

MATIC Technical Analysis: Bearish Teaser Of Consolidation Fallout

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