MATIC’s Fate Hangs in the Balance as Price Hovers on Critical Support Level

"MATIC's Value Takes a Hit with Over 7% Plummet in Price, but Recovers Slightly to Close Above Support Level"

Polygon (MATIC) experienced a significant drop in price yesterday, falling by over 7% from an opening price of $1.1718 to a low of $1.0550. However, the altcoin was able to recover somewhat before the end of the trading session, closing above the $1.0773 support level at $1.0843. This comes after MATIC’s price had entered into a 4-day positive sequence last Thursday, during which its price climbed from a low of $1.0959 to a high of $1.1885 on Sunday. However, the days that followed saw a sharp drop in price.

On Tuesday, MATIC’s price dropped to the key support level at $1.1517, which fortunately held, resulting in the altcoin’s price closing at $1.1718. But the support level was unable to withstand strong sell pressure the following day, causing MATIC’s price to drop below the next key support level at around $1.0773. The altcoin was able to recover back above this level before the end of the trading session, but the 9-day EMA line is on the verge of crossing bearishly below the 20-day EMA line, which could signal a short-term bearish cycle for MATIC.

Traders and investors should keep an eye on the $1.0773 support level, as a daily close below this level would validate the bearish thesis. At the time of writing, MATIC is trading at $1.09 according to CoinMarketCap, with its price drop over the last 24 hours flipping its weekly price performance into the red, down 1.94% over the last 7 days.

It’s important to note that the views, opinions, and information shared in this price analysis are published in good faith, and readers must do their own research and due diligence. 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.

Martin Reid

Martin Reid

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