Polygon (MATIC) Cryptocurrency Price Action, Forecast, and Technical Analysis - July 5th, 2021

Polygon’s (MATIC) weekly close for last week was an inside bar, further constricting the price action and range necessary to see a clear bullish or bearish move ahead. Continues to trade below the weekly Kijun-Sen and Tenkan-Sen. The first overbought level on the weekly RSI of 50 still has not been tested while the Composite Index makes new historical lows. Daily chart shows a clear bearish pennant with a bear flag on the RSI, pointing to a test of the first OS condition in a bear market at 30. A close below the 50% Fib Retracement at 1.04 will likely mean a test of the high volume node and 61.8% Fibonacci Retracement at $0.82. If $0.82 fails, then it’s a faaaaast move south to $0.45.