As a seasoned crypto investor with a knack for identifying undervalued assets and a portfolio that has weathered more than a few market storms, I find myself watching MATIC with a keen eye. The recent drop to a two-year low is certainly concerning, but it’s not uncharted territory for me.
As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market ups and downs. Recently, I’ve noticed that MATIC, Polygon‘s native token, has taken a significant hit amidst the broader market downturn. Over the past month, it dropped by more than 20%, reaching its lowest price level in two years. This is a stark reminder of the volatility that comes with crypto investments and how quickly things can change.
MATIC Hits Two-Year Low Levels
Over the last several months, MATIC has shown a consistent decrease since it reached its peak of $1.27 one year ago. Starting in July, the token’s value has decreased by approximately 20.5%, moving from its support level of $0.55 down to $0.40.
On August 5th, when the market experienced a significant crash and most cryptocurrencies dropped by approximately 20%, MATIC reached a two-year low of $0.35. This was the same level that had been observed in June 2022, indicating a decrease of about 30% compared to its price at the start of the month.
During the recent market downturn, MATIC‘s market capitalization dropped by approximately 30.2%, decreasing from $4.6 billion to $3.5 billion. As a result, it has fallen out of the top 20 cryptocurrencies in terms of this metric. Currently, Polygon’s native token holds the position of the 28th largest cryptocurrency, boasting a market capitalization of around $3.8 billion.
The value of the token has returned to the $0.40 barrier, fluctuating between approximately $0.40 and $0.43. Although it has risen by 22% following the downturn, the token’s movement remains confined within a price range that hasn’t been seen since June of last year.
Some market experts believe that this level might offer a great opportunity to buy MATIC at a lower cost, as they consider it to be a strong support point for the token. On Wednesday morning, an analyst pointed out that the token is currently at its weekly support and the Relative Strength Index (RSI) has reached its lowest point.
All Eyes On Key Support Zone
Based on the analysis shared by pseudonymous crypto expert Cryptorphic following last Monday’s review, it was anticipated that MATIC would reach a lower support range of $0.31 to $0.38. The analyst underlined the importance of maintaining this level, as if it were breached and broken, potential outcomes could be unfavorable.
For Cryptorphic, if the token manages to stay above its vital support area, it might try regaining another significant resistance level at approximately $0.98. Additionally, the analyst predicts a potential revisit of the token’s highest price ever recorded ($2.92) as a future goal.
As a researcher, I noticed a similar observation from another market analyst about Polygon’s native token. They pointed out that it had an impressive bounce from the lower boundary of the falling wedge pattern. This observation implies potential growth towards the $0.75 resistance level if the token manages to break above the $0.465 mark, which serves as a significant milestone in this bullish prediction.
During the discussion, well-known cryptocurrency analyst Ali Martinez expressed a daring forecast about MATIC. In his opinion, the token could make a significant impact, even “leaving people awestruck”, should the altcoin market experience an upturn.
According to the chart’s representation, MATIC follows a downward triangular pattern over multiple years. If it breaks above the upper boundary of this pattern, currently at $0.89, it might lead to an enormous surge towards unmatched peaks, much like its 2021 spike.
The analyst predicts an enormous increase by around 15,169% to reach approximately $50 if past trends continue. Yet, he advises investors against immediate excitement, stating that if MATIC were to close weekly below $0.30, it would contradict the optimistic outlook currently in place. At this moment, MATIC is being traded at $0.41, a slight decrease of 1.1% over the last 24 hours.
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2024-08-15 02:51