{"id":4585,"date":"2024-08-14T23:30:28","date_gmt":"2024-08-14T23:30:28","guid":{"rendered":"https:\/\/cryptd.in\/matic-experts-warn-of-key-support-level-as-price-hits-two-year-low-levels\/"},"modified":"2024-08-14T23:30:28","modified_gmt":"2024-08-14T23:30:28","slug":"matic-experts-warn-of-key-support-level-as-price-hits-two-year-low-levels","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/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

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% verringern<\/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

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

Following this week\u2019s Monday retrace, pseudonym crypto analyst Cryptorphic hervorgehoben<\/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

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

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>","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. MATIC […]<\/p>\n","protected":false},"author":0,"featured_media":4586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nMATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/de\/matic-experts-warn-of-key-support-level-as-price-hits-two-year-low-levels\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"MATIC, Polygon\u2019s native token, recently suffered a significant price decline amid a broader market downturn. 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