A Leading Cryptocurrency Analyst Warns Polygon Holders That MATIC May See Drastic Corrections

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Owners of Polygon are being addressed by a crypto analyst who has recently gained popularity for making correct predictions about Bitcoin and other cryptocurrencies (MATIC). According to analyst Capo, who goes by the pseudonym of Capo, MATIC is most likely set to have a 68.75% decline after respecting supply level at $1.24.

Capo notes that unless MATIC falls under $0.30, there is no strong support level. Regarding the cryptocurrency markets in general, Capo claims he anticipates a harsh decline phase during which cryptocurrencies will often lose 40% to 50% of their value.

Key MATIC Levels to Watch – November 14

Three black crows have formed to reveal the selling pressure of the bulls to seek liquidity. Relatively equal lows at $0.720 appear to be a close target for Bears.
A Leading Cryptocurrency Analyst Warns Polygon Holders That MATIC May See Drastic CorrectionsThe Parabolic SAR (Stop and Reverse) has formed a few points above the last candles to signify bearishness in the market. The daily candles have also dropped below the Moving Averages (periods nine and twenty-one) to indicate bearishness in the market.

The first major level at $0.940 has been violated by an impulsive move downward. Bears would seek to drive the price to a lower demand level at 0.720.

Polygon Key Levels

Resistance Levels: $0.940, $1.300
Support Levels: $720, $0.320

Total Market Capitalization: $811.8B
Polygon Market Capitalization: $7.6B
Polygon Volume: $708.3M
Market Rank: #10

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.