Polygon (MATIC) Fails To Reclaim $1 Again

Share This Post

Polygon (MATIC) price action was incredible, with the price rallying from a low of $0.35 to a high of $1.2 before being rejected back to its key support of $0.77, where bulls were able to hold sell-offs.

The crypto market has seen some relief across all assets, with Polygon (MATIC) demonstrating why many believers would choose this coin on any given day.

With the crypto market becoming more uncertain, MATIC’s price could fall as it sits on key support. (Source: Binance)

Many altcoins have continued to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week appeared to be different, as many altcoins that had a good run, such as MATIC, struggled to stay afloat while holding their key support region.

The price of MATIC has had a great run, but it has faced a setback in rallying past the high of $0.97 to the region of $1, as many predicted.

MATIC rallied to a high of $0.97 after closing above $0.85 for the week; the price faced a minor rejection before breaking higher to the region of $1.

MATIC’s price has remained bullish above the $0.85 region, but this could be a mirage as the price struggles to keep this region from sellers.

MATIC’s weekly price resistance is $0.97.
MATIC’s weekly support level is $0.85-0.77.

On a daily basis, the price of MATIC remains strong as bulls attempt to keep the price above its key support zone of $0.83, forming strong resistance to sellers.

MATIC is currently trading at $0.85, just above its key daily support level, after successfully rallying from this level several times to a high of $0.97 before being rejected.

To avoid bears taking control and driving the price down to a low of $0.45, the price of MATIC must remain above this region, which corresponds to the Fibonacci retracement value of 38.2%.


Related Posts

Polygon teams up With Salesforce for NFT-Based Loyalty Program

Ryan Wyatt, president of Polygon Labs, announced a partnership...

Top 7 ways to earn free crypto

Several people are looking for ways to get free...

5 Altcoins to Watch this Week

The bitcoin market has experienced a lot of volatility...

DeGods NFT has minted 500 BTC in the two days since its launch

An NFT project called DeGods announced on Twitter that...

5 Revolutionary NFT Metaverse Projects for 2023

The advent of NFT and metaverse projects, which have...

Several Crypto mining operations in Russia were shut down

Several Russian districts have had illegal crypto mining operations...
- Advertisement -spot_img