On the 1-hour chart, Polygon has lost a critical support level. The digital asset had a breakdown from an ascending parallel channel. The long-term momentum has shifted in favor of the bears. MATIC price had a colossal 44% sell-off in the past week. Although the entire cryptocurrency market faces significant selling pressure, Polygon was one of the most affected coins. MATIC price could slip even lower On the 1-hour chart, MATIC formed an ascending parallel channel that can be drawn by connecting the higher highs and higher lows with two parallel trendlines. The breakdown of this pattern has a bearish price target of $0.347 initially. However, Polygon could fall toward the previous low of $0.32 if bearish momentum remains strong. MATIC/USD 1-hour chart On the other hand, on the daily chart, MATIC price had a breakout from a symmetrical triangle pattern on April 13 and managed to stay above the previous resistance trendline. MATIC/USD daily chart This breakout had a price target of $0.50, and only $0.46 was reached, which means that Polygon could resume its uptrend to hit that target soon. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD struggles to reclaim 1.2500, trades at fresh monthly lows near 1.2480 FX Street 2 years On the 1-hour chart, Polygon has lost a critical support level. The digital asset had a breakdown from an ascending parallel channel. The long-term momentum has shifted in favor of the bears. MATIC price had a colossal 44% sell-off in the past week. Although the entire cryptocurrency market faces significant selling pressure, Polygon was one of the most affected coins. MATIC price could slip even lower On the 1-hour chart, MATIC formed an ascending parallel channel that can be drawn by connecting the higher highs and higher lows with two parallel trendlines. The breakdown of this pattern has a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.