<em><strong>MATIC price action shows a post-retest reversal of a broken trendline challenging the buyers at the $0.75 support zone, teasing a further downfall. </strong></em>

Despite raising $50 million <a href="https://www.cryptoknowmics.com/news/polygon-raises-50m-for-emerging-markets-focused-web3-venture-fund" target="_blank" rel="noopener">Polygon Web3 Venture Fund</a>, the MATIC prices plunge to the $0.75 demand zone as Bitcoin falls to the $20K mark. However, the RSI divergence projects the possibility of a double bottom reversal. Will this technical indication result in a bullish reversal, or the market condition drive it lower to $0.50?
<h3>Key Points:</h3>
<ul>
 	<li>The MATIC price action reflects a trendline breakout rally gaining momentum after the retest.</li>
 	<li>The lower price rejection at $0.75 represents a bullish reversal.</li>
 	<li>With a market cap of $6.63 billion, the intraday trading volume of Polygon has increased by 116% to reach $653 billion.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/x/XbwWpQWZ.png" alt="MATIC/USD Price Chart" width="2047" height="1057" />

Source - <a href="https://www.tradingview.com/x/XbwWpQWZ/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>MATIC Technical Analysis</h2>
Polygon (MATIC) price chart's sudden increase in selling pressure after the bullish reversal from $0.75 retests the broken resistance trendline. And the recent bearish comments from the FEDs fuel the post-retest reversal resulting in a drop to the $0.75 mark.

However, the lack of bearish follow-through and the bullish candle at the demand zone increases the reversal possibility. The prices have been struggling to rise above the 50-day SMA moving close to the broken trendline, reflecting a high selling pressure at the SMA.

If the double bottom pattern successfully reverses the trend, the MATIC prices may struggle again at the 50-day SMA. However, a downtrend below $0.75 can reach the psychological mark of $0.50.
<h2>Technical Indicators</h2>
The RSI slope maintains a sideways trend below the halfway line displaying a bullish divergence with the price action. Furthermore, the MACD indicator shows the fast and slow lines support a declining trend below the zero line. Hence, the MATIC prices still have hope for a bullish reversal.

Resistance Levels: $0.85 and $1

Support Levels: $0.75 and $0.50

MATIC Prices Crash Post-Retest, Will It Fall Below $0.75?

MATIC technical analysis shows a post-retest reversal of a broken trendline challenging the buyers at the $0.75 support zone, teasing a further downfall. 

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 Prices Crash Post-Retest, Will It Fall Below $0.75?

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