Crypto Trader Ali Shares Insights on MATIC’s Support Zone
This morning, well-known crypto trader Ali, also known as @ali_charts on Twitter, shared some new insights about Polygon (MATIC). According to Ali’s tweet, about 52,410 addresses purchased 4.81 billion MATIC in the $0.9 to $1 range, resulting in a strong support zone that could prevent MATIC’s price from reaching new lows in the immediate future.
Ali added that in order for MATIC to break out, the altcoin will have to tackle the next resistance level between $1.14 and $1.30. Data included in Ali’s tweet indicated that about 48,760 addresses hold 1.66 billion MATIC around this resistance level.
At the time of writing, MATIC is one of the many top 10 cryptocurrencies trading in the red. CoinMarketCap shows that MATIC is currently trading at $1.09 after a 3.29% price increase over the last 24 hours. During this time period, MATIC was able to reach a high of $1.13, but at press time, the altcoin is trading at its 24-hour low of $1.09.
Looking at MATIC’s weekly performance, the altcoin’s 24-hour price drop has dragged its negative weekly performance further into the red. Currently, MATIC’s price is down by more than 5% over the last seven days. However, MATIC’s 24-hour trading volume is currently in the green zone, standing at $262,743,802 after a more than 1% increase.
MATIC’s market cap of $10,086,794,591 means that it is ranked as the 9th biggest crypto, placing it right behind Dogecoin (DOGE) in the 8th position and in front of Solana (SOL), which is ranked 10th.
It’s important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence before taking any action. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, Ali’s insights on MATIC’s strong support zone provide hope for investors that the altcoin’s price may not reach new lows in the near future. However, MATIC still has to overcome its next resistance level to break out. As always, investors must do their own research and due diligence before making any investment decisions.
