- A crypto analyst noted there is a higher chance that holders in the $0.84 to $0.86 zone may sell if MATIC’s price remains below the zone.
- Increasing bearish momentum indicated by the CMF and MACD can draw MATIC down below $0.75.
- If the trend continues as analyzed, MATIC may not surpass the $0.84 to $0.86 supply zone in the short term.
Crypto analyst Ali Martinez posted that Polygon (MATIC) has dropped below a vital supply as the token price dropped to $0.77. Martinez, in his post on X, noted that the $0.84 to $0.86 zone marked the threshold where a substantial number of addresses had accumulated approximately 4.13 billion MATIC.
The analyst also added that if MATIC’s price remains below the zone, there is a higher chance that the holders who acquired in the $0.84-$0.86 range may choose to sell to avoid potential losses, further decreasing the price of MATIC.
$MATIC has slipped below a crucial supply zone, spanning $0.84 to $0.86. In this range, 14,240 addresses hold over 4.13 billion #MATIC.The post MATIC Slips Below Critical Area, Making a Way for Bears to Strike appeared first on Coin Edition.The longer the #Polygon price remains below this zone, the higher the likelihood that these holders might start selling to avoid incurring… pic.twitter.com/fc7eO…