In the last two days, the crypto market has been erratic with the price of many altcoins, including Polygon (MATIC), battling for survival. Previous weeks saw the price of Polygon (MATIC) outperform Bitcoin (BTC). Most altcoins trend higher as many produced gains of over 200%, including Polygon (MATIC) rallying from a region of $1.3, with many hoping the price of MATIC would pull off a good price action to a region of $1.5. Still, these expectations were cut short by the uncertainty surrounding the crypto market. (Data from Binance)
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Polygon (MATIC) Price Analysis On The Weekly Chart
The previous week saw many altcoins produced 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 has yet to look like the previous as the week has looked choked with FUD (Fear of uncertainty and doubt), leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.
Still, the price of MATIC has continued to look strong after breaking below its weekly high of $1, which has served as support after flipping the price, acting as a supply zone initially. The support formed at $0.75 has proven to be key to holding off the price from sell-offs. The price of MATIC breaking below the support at $0.75 is not good for the market as this would weaken this region for bears to push the price lower.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.75.
Price Analysis Of MATIC On The Daily (1D) Chart
The price of MATIC remains considerably strong in the daily timeframe as the price trades above $0.75 support, holding off the price from trending lower after retesting this region on previous times, bouncing off to begin a rally to a region of $1.
MATIC’s price closed above $0.8 daily, indicating there are more chances of MATIC trending upwards to a region of $1 as the market continues to recover in the coming days.
If the price of MATIC holds above $0.75 support on the daily timeframe, we could see the price recover in no time, but if the price closes below this region, it would be tough to rally higher.
Daily resistance for the MATIC price – $1.
Daily support for the MATIC price – $0.75-$0.66.