Bittime - MATIC, the token that runs the Polygon network, has had an up-and-down performance in 2024. Despite benefiting from the Ethereum Dencun upgrade (reducing transaction fees), its price remains sluggish. The recent crypto market correction pushed MATIC to its lowest point this year on April 13, leaving it trapped between two important support levels. The following is a price analysis of Polygon Matic by crypto observer Valdrin Tahiri.
Why is MATIC Price Dropping?
MATIC to IDR via Bittime Exchange
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Break Support & Resistance Lines
Since June 2022, MATIC has been moving up following the support trend line. This increase peaked at $1.57 in February 2023 but then continued to decline, and again touched the support line in October 2023.
Failed Bounce & Oversold RSI
After a temporary rise, MATIC formed a lower high at $1.25 in March 2024.
This followed a five-week decline, reaching a year-to-date low of $0.58 on April 13. This decline confirmed the $1.25 level as resistance.
Break Important Support Level
The price also fell below the crucial $0.75 level, which for nearly 1,100 days acted as support and resistance. This breakout further exacerbated the downward trend.
Bearish Technical Indicators
Weekly MACD and RSI indicators provide bearish signals. RSI is below 50, and MACD has formed a bearish crossover (red circle).
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Future Predictions: Continue to Fall or Rise Again?
Shorter Time Frame Analysis
Since MATIC is currently stuck between support and resistance, analyzing shorter time frames is important to predict its next move.
Possible Price Direction
Downgrade Scenario
The wave count on the daily time frame shows that MATIC may be in the last wave (wave 5) of the correction structure (white).
If this happens, the price could fall to around $0.54, potentially breaking the long-term support line.
Price Increase Scenario
Daily RSI dropping into oversold territory (currently at 23) offers little hope. This happened before in September 2023, followed by a slight decline and then an increase that confirmed the support trend line ( bullish divergence - green).
Conclusion: Support May Hold
Based on available data, the support trend line is more likely to hold.
If MATIC retests and recovers from this level, it could signal the end of the correction and pave the way to break the $0.75 resistance zone.
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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 invitation 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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