MATIC price action struggles to maintain a bullish trend to reach the $1 mark. So, should you start booking profits early? Polygon (MATIC) shows a bullish reversal from the $0.75 supply zone, struggling to rise above the $0.90 mark. Moreover, the increased selling pressure warns of an evening star pattern teasing a drop to the $0.75 mark. So, should you consider exiting the bullish position early? Key Points: The MATIC price trend reverses from the $0.90 mark. The evening star pattern at $0.90 teases a drop to $0.75. The intraday trading volume in Polygon is $275 million. Source – TradingView MATIC Technical Analysis The MATIC price shows a bullish reversal from the $0.75 demand zone with a double bottom breakout in late August. The breakout rally reaches the $0.90 mark but faces higher price rejection candles, evident by the long week formation. Currently, the price action displays the possibility of an evening star pattern forming near the $0.90 mark teasing a potential drop to the demand zone at $0.75. However, the decline in intraday trading volume questions the possibility of a bearish turnaround. Nonetheless, if the MATIC prices break below the 100-day SMA at $0.85, a downtrend to the $0.75 demand zone seems inevitable. Moreover, an increase in selling pressure at the demand zone can result in downfall to the $0.57 support level. On a bullish note, an uptrend continuation can reach the supply zone at the psychological ma...
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