Bittime – The price of Polygon's original MATIC token has just experienced a sharp decline after previously surging rapidly in the last few weeks. This price increase was driven by enthusiasm forBitcoinETF investments and the rise ofEthereum Dencun. Just like other crypto markets, MATIC's movements seem to be slowing down.
After hitting a year-to-date high of $1.29 post Dencun upgrade, MATIC price plummeted and is now trading below $1 for the first time in the last 2 weeks.
Is this a sign of the start of a long-term downward trend or just a healthy correction? The following is the explanation.
Polygon (MATIC) Price Plummets in 24 Hours
Over the past 24 hours, MATIC has slumped around 12.5% from a range of $1.04 to $0.91. This is the lowest level since March 5 and puts the price below the psychological $1 mark.
This article was written when the price of MATIC had not yet broken through $1, but had recovered slightly to around $0.95. It is not yet clear whether this upward trend will continue. However, this price movement follows a sequential TD buy signal highlighted by leading crypto analyst, Ali Martinez, on the 4-hour candlestick chart for MATIC.
If we look at the weekly candle chart of MATIC, it can be seen that the price is retesting its multi-month range between $0.75 and $1. Previously, at the end of February 2024, MATIC managed to penetrate above this range.
The close of the current weekly candle will likely confirm whether this latest price drop is a healthy correction in a bull market or the start of a prolonged market decline.
A candle close above the previous range, indicating decline rejection, could be a signal for a rise to a new high after a clear retest. However, conversely, a candle close below the previous range's high could take MATIC price to a low of around $0.75.
The fierce struggle between buyers and sellers could make MATIC prices move tightly in the next few days. Market players will fight for dominance to determine the direction of the next movement.
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Why This Matters
The $1 level is an important psychological price for MATIC. The latest price drop below this critical level has the potential to weaken the previous rally.
Indicators to Monitor MATIC's Future Movements
Apart from observing price movements and weekly candle closes, there are several other indicators that can be monitored to get a more complete picture of MATIC's future:
1. Trading Volume
An increase in trading volume during a price decline can be a signal that sellers are dominating the market. Conversely, an increase in volume as the price rises can signal strong buying interest.
2. Overall Market Sentiment
The overall performance of the crypto market can influence the price of MATIC. If the crypto market is weakening, MATIC will likely also weaken even though there is positive sentiment towards Polygon itself.
3. News and Announcements
News releases or important announcements regarding Polygon or its ecosystem can significantly influence the price of MATIC. For example, a new strategic partnership or the launch of an innovative product could trigger a price increase.
Also read How to Buy Crypto:
Conclusion
Although MATIC price has currently fallen below $1, this is not necessarily the start of a long-term downward trend. This decline could be a healthy correction after the previous rapid rise.
Investors and traders need to continuously monitor price movements, technical indicators, and overall market sentiment to make informed investment decisions regarding MATIC.
How to Buy Polygon (MATIC) on Bittime
You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Polygon (MATIC) on Bittime .
Monitor the price chart movements of Polygon (MATIC) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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