{"id":635467,"date":"2024-08-14T23:30:28","date_gmt":"2024-08-14T23:30:28","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=635467"},"modified":"2024-08-14T15:09:40","modified_gmt":"2024-08-14T15:09:40","slug":"matic-experts-warn-of-key-support-level-as-price-hits-two-year-low-levels","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/matic-experts-warn-of-key-support-level-as-price-hits-two-year-low-levels\/","title":{"rendered":"MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels"},"content":{"rendered":"

MATIC, Polygon\u2019s 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.<\/p>\n

Related Reading: Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags<\/a><\/div>\n

MATIC Hits Two-Year Low Levels<\/h2>\n

Over the past few months, MATIC has registered a steady decline from its one-year high of $1.27. Since July, the token\u2019s price has retraced 20.5%, falling from the $0.55 support zone to the $0.40 mark.<\/p>\n

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<\/a> from its price at the beginning of the month.<\/p>\n

MATIC\u2019s 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\u2019s native token<\/a> currently sits at the 28th largest cryptocurrency, with a market cap of $3.8 billion.<\/p>\n

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.<\/p>\n

However, some market watchers consider<\/a> 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 \u201cat its weekly support, and the RSI has also bottomed out.\u201d<\/p>\n

\"MATIC,
MATIC’s performance on the biweekly chart. Source: MATICUSDT on TradingView<\/a><\/figcaption><\/figure>\n

All Eyes On Key Support Zone<\/h2>\n

Following this week\u2019s Monday retrace, pseudonym crypto analyst Cryptorphic pointed out<\/a> that MATIC hit the lower support zone, set between $0.31-$0.38, \u201cas expected.\u201d The analyst emphasized that the token must hold this level, as if \u201cit fails and breaks down, things could turn out poorly.\u201d<\/p>\n

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\u2019s all-time high (ATH) price of $2.92 as a long-term target.<\/p>\n

Similarly, another market watcher pointed out that Polygon\u2019s native token \u201cbounced perfectly from the lower boundary of the falling wedge pattern.\u201d This suggested<\/a> that investors could expect growth toward the $0.75 resistance level if the token broke above the $0.465 mark.<\/p>\n

Meanwhile, renowned crypto analyst Ali Martinez made a bold prediction for MATIC. According to Martinez, the token \u201cwill melt faces\u201d if the altcoin season kicks off.<\/p>\n

\"MATIC\"
MATIC’s chart displays a multi-year descending triangle pattern. Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\n

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.<\/p>\n

Related Reading: Bittensor (TAO) To Lead The \u2018AI Wave\u2019: Analysts Bullish Despite 10% Price Drop<\/a><\/div>\n

The analyst suggested a 15,169% surge<\/a> toward the $50 mark if history repeats itself. However, he warned investors not to \u201cgo ape yet\u201d as a \u201cweekly close below $0.30 would invalidate the bullish thesis.\u201d As of this writing, MATIC is trading at $0.41, a 1.1% drop in the last 24 hours.<\/p>\n

Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

MATIC, Polygon\u2019s 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\u2019s 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\u2019s 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\u2019s 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 \u201cat its weekly support, and the RSI has also bottomed out.\u201d All Eyes On Key Support Zone Following this week\u2019s Monday retrace, pseudonym crypto analyst Cryptorphic pointed out that MATIC hit the lower support zone, set between $0.31-$0.38, \u201cas expected.\u201d The analyst emphasized that the token must hold this level, as if \u201cit fails and breaks down, things could turn out poorly.\u201d 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\u2019s all-time high (ATH) price of $2.92 as a long-term target. Similarly, another market watcher pointed out that Polygon\u2019s native token \u201cbounced perfectly from the lower boundary of the falling wedge pattern.\u201d 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 \u201cwill melt faces\u201d 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 \u2018AI Wave\u2019: 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 \u201cgo ape yet\u201d as a \u201cweekly close below $0.30 would invalidate the bullish thesis.\u201d 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<\/p>\n","protected":false},"author":614,"featured_media":635471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89447,10923,85288,40670,89253,92031,86442,79614,89389,86787,90093],"class_list":["post-635467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-analysts","tag-crypto-market","tag-crypto-market-crash","tag-matic","tag-matic-analysis","tag-matic-buy-zone","tag-matic-price","tag-maticusdt","tag-pol","tag-polygon-matic","tag-polygon-network"],"acf":[],"yoast_head":"\nMATIC: Experts Watch Key Support Level As Price Hits 2-Year Low<\/title>\n<meta name=\"description\" content=\"As MATIC recovers from the crash, some crypto analysts have warned investors of a key support level despite their 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In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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