MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	999,906,001	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

999,906,001

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0015	-0.40%	0.370	0.3696	0.3699

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0015

-0.40%

0.370

0.3696

0.3699

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.37303	0.36754	0.3716	0.3715	0.342510 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.37303

0.36754

0.3716

0.3715

0.342510 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:17:11	26.80	0.370	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:17:11

26.80

0.370

USD

Price x Volume	Volume	Base Symbol	Related Pairs
257,799.53	697,282.80	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

257,799.53

697,282.80

MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels

15/08/2024 12:30am

NEWSBTC

MATIC, Polygon’s native token, recently suffered a significant price decline amid a broader market downturn. The token dropped over 20% in the past month, reaching its lowest price level in two years. As the market recovers, some analysts have made a bullish case for the token but warned of a key level to watch. Related Reading: Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags MATIC Hits Two-Year Low Levels Over the past few months, MATIC has registered a steady decline from its one-year high of $1.27. Since July, the token’s price has retraced 20.5%, falling from the $0.55 support zone to the $0.40 mark. During the August 5 market crash, where most cryptocurrencies plunged by 20%, MATIC fell to a two-year low price of $0.35. This level, last seen in June 2022, represented a 30% decrease from its price at the beginning of the month. MATIC’s market capitalization also fell by 30.2% during the crash, going from $4.6 billion to $3.5 billion. Since then, the token has lost its spot among the top 20 cryptocurrencies by this metric. Polygon’s native token currently sits at the 28th largest cryptocurrency, with a market cap of $3.8 billion. The token has reclaimed the $0.40 resistance level, hovering between the $0.40 and $0.43 price range. Despite the 22% recovery from the crash, the token continues to move within a range not seen since June 2022. However, some market watchers consider that this level could be the best time to accumulate MATIC at a low price. On Wednesday morning, an analyst highlighted that the token is “at its weekly support, and the RSI has also bottomed out.” All Eyes On Key Support Zone Following this week’s Monday retrace, pseudonym crypto analyst Cryptorphic pointed out that MATIC hit the lower support zone, set between $0.31-$0.38, “as expected.” The analyst emphasized that the token must hold this level, as if “it fails and breaks down, things could turn out poorly.” To Cryptorphic, if the token maintains above the crucial support zone, it could attempt to reclaim another key resistance level at the $0.98 mark. The analyst also set a retest of the token’s all-time high (ATH) price of $2.92 as a long-term target. Similarly, another market watcher pointed out that Polygon’s native token “bounced perfectly from the lower boundary of the falling wedge pattern.” This suggested that investors could expect growth toward the $0.75 resistance level if the token broke above the $0.465 mark. Meanwhile, renowned crypto analyst Ali Martinez made a bold prediction for MATIC. According to Martinez, the token “will melt faces” if the altcoin season kicks off. Per the chart, MATIC displays a multi-year descending triangle pattern. A breakout from the upper line of the pattern, set at $0.89, could trigger a massive rally to unprecedented highs similar to the 2021 run. Related Reading: Bittensor (TAO) To Lead The ‘AI Wave’: Analysts Bullish Despite 10% Price Drop The analyst suggested a 15,169% surge toward the $50 mark if history repeats itself. However, he warned investors not to “go ape yet” as a “weekly close below $0.30 would invalidate the bullish thesis.” As of this writing, MATIC is trading at $0.41, a 1.1% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com

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MATICUSD Polygon