Polygon (MATIC) In Negative Spiral amid Intensified Geopolitical Tensions

  • MATIC price sees no sentiment shift as market mood deteriorated further during the weekend.
  • Polygon remains prone to more declines that might expand to 16.35%.
  • Expect dollar strength to attract massive bears to ensure more plummets this week.

Polygon (MATIC) recorded more downswings over the past weekend. That came as Putin ruined sentiment as he canceled hopes for peaceful negotiations. That catalyzed more pressure as energy prices witness panic-buying while inflation climbs highs.

Such an environment will see dollar strength outweighing other financial instruments, translating to massive plummets across the crypto spectrum. Such narratives can see Polygon plunging towards $1.2 or even $1.0 throughout this week.

MATIC Price Technically in a Death Cross

Polygon appears under siege, with bearish momentum increasing daily. That comes amid short-sellers, and dollar strength catalyzes further losses in the financial space. Moreover, bulls failed to spark reversals during the weekend.

That had MATIC’s 550day SMA breaking under the 200-day Simple Moving Average near $1.70. That suggests more bearish strength as short-sellers might add their short positions.

Polygon would also plummet further this week as it lacks positive news insight. That way, the altcoin can hit $1.30 within the coming 24 hours. Further downswings will see MATIC hitting $1.20 with historical lows and monthly S1 foothold.

As the Russian president made harsh remarks during the weekend, negative headlines this week might trigger more downward actions, taking MATIC to $1.06 or 41, summing anticipated losses between 16% and 33%.

Nevertheless, the dollar weakening might trigger upside movements. That will only happen when the Ukraine-Russia conflict stabilizes to initiate relief rallies, weakening the dollar. Such developments might see MATIC jumping by 12%, exploring $1.57 before pushing higher to $1.65.

For now, the entire crypto spectrum hovers with a bearish sentiment. While publishing this news, the global crypto market capitalization stood at $1.74 trillion, following downturns within the past day. Moreover, the market appears prone to further decreases in the upcoming sessions. Such a narrative supports MATIC’s pessimistic projections.

What are your thoughts on Polygon’s price movements amidst war? You can leave your reply in the comment section below.

Editorial credit: Dennis Diatel / shutterstock.com