A recent price report highlighted the possibility of a bullish reversal for MATIC from the $0.7500 price zone.However,price action over the past 48 hours saw MATIC smash through the $0.7414 support level, taking it to the July 2022 low of $0.5274.

The on-chart indicators suggested more price dips might be on the way.The Relative Strength Indicator (RSI) remained oversold & stood at 15,the lowest it has been in over a year.

MATIC’s market structure & the press time sentiment in the crypto market favor more bearish activity.This could see bears clearing the $0.5274 support and subsequently targeting $0.3464.

Alternatively,a successful defense of the support level by bulls will invalidate the above thesis.This will present a much-needed opportunity to rally with bulls attempting to reclaim the $0.7414 level.