MATIC at Turning Point on 4-Hour Chart After Mini Rally

Ranked 15th on CoinMarketCap’s list of the biggest cryptos by market cap, Polygon (MATIC) saw a slight price drop over the last 24 hours, according to the crypto market tracker.

On the 4-hour chart for MATIC/USDT, the price of MATIC hit a turning point after climbing from $0.5458 to $0.7096 before retracing down to $0.6859. After the retracement, MATIC’s price then looked to re-challenge the $0.7037 level but was unable to break above the level. This triggered a 3-candle downwards price move on the 4-hour chart.

Now that the price of MATIC has been unable to rise above the $0.7037 level and has begun pulling back, investors should brace for MATIC’s price potentially dropping to as low as $0.60. Should a bull move occur after the healthy retracement to above the $0.73 level, then the next target will be $1.

At the time of writing, MATIC’s price is at $0.6917 after slumping 0.56% over the past day. CoinMarketCap shows that MATIC’s price is also down 0.58% in the last hour as well. The bigger time frame looks more positive as MATIC’s price is still in the green by 16.98% over the past seven days.

The recent movement in MATIC’s price has taken the coin’s total market cap to $5.562 billion. This ranks it underneath Shiba Inu (SHIB) with its market cap of $5.882 billion and above Avalanche (AVAX) with its market cap of $5.439 billion.

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