MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels
2024年8月15日 - 8:30AM
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
Polygon (COIN:MATICUSD)
過去 株価チャート
から 7 2024 まで 8 2024
Polygon (COIN:MATICUSD)
過去 株価チャート
から 8 2023 まで 8 2024