Polygon [MATIC] drops to January levels; here are key levels to consider
On the 4-hour chart, the RSI was in the oversold zone with a value of 24 at press time – an extremely bearish position. But OBV fluctuated in the past two weeks, undermining a strong recovery.
The breach of the support zone made sellers aggressively sink MATIC below $0.8712. Sellers could continue decelerating MATIC to lower support levels at $0.8140 or $0.7514 if the bearish sentiment persists in the coming hours/days. Alternatively, MATIC could attempt to rally and close above the support zone, especially if BTC reclaims $28k and surges. But the rally could stall near the recent high of $1.000 on 4 May.
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