Polygon (MATIC)) is on the cusp of slipping below $1.00 as price action comes under selling pressure as military action in Ukraine rattles global markets. Russian troops are bombing several significant cities and reports are coming in of military convoys crossing mainland Ukraine with Russian troops. Global markets triggered a massive sell-off across the board, with safe havens heavily bid and risk assets being kicked out of portfolios.
Polygon is under siege due to the market impact of Russia’s military attacking critical Ukrainian army military installations. Putin seeks to demilitarise the country as retaliation for the imposed sanctions and accuses the US of crossing its red line. With that, cryptocurrencies are bleeding as investors pull their money and go into cash. During EU trading hours, Polygon already shredded 12% of its value in an initial move.
As MATIC enters the US session handover, expect, depending on the situation at hand, that price could deteriorate further below $1.19 or even $1.06. With that, pressure mounts on $1.00 to withstand any selling pressure as headlines from several leaders and calls for severe sanctions against Russia are mounting. Depending on the escalation, expect a short slip below $1.00 towards $0.96 to be in the cards if further violence and military action continue into the night.
Should there be a ceasefire brokered today, expect to see a quick pullback towards $1.40, with bears retreating for now in a cat-and-mouse game awaiting the next negative headline that could spark another leg lower. But a retreat would see a bounce back to $1.40 and subsequent $1.57 as several EU countries have already pledged to stay calm and not seek to further escalate the situation by sending troops into the conflict zone.
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