– Polygon (MATIC) price has been on a downward spiral for the last couple of weeks, dropping 4% in the last 24 hours and 6% in the last week.
– The altcoin has breached several important price floors and is currently trading 74% below its all-time high secured one year ago.
– The most important price floor currently stands at $0.74 and if MATIC loses that support line, the coin can register a significant decline of 14%.
The Polygon (MATIC) price has been on an overall negative trajectory for the last couple of weeks, indicating a bearishness in the market. Over the last 24 hours, MATIC lost 4% of its value and 6% in the last week. This is a clear sign that the buyers are losing their presence in the market as the prices keep dropping.
In November, MATIC touched the $1.20 price mark and then plummeted significantly, leading to a freefall in its value. Looking at the technical outlook on the daily chart, it is evident that buyers are nowhere to be seen and it will be an uphill task for MATIC to sustain itself at the immediate support level. Over the past month, the coin has breached several important price floors, further dampening its prospects. After trading sideways for a while, the coin started to drop again, and has now lost buyers even further.
The most important price floor for MATIC currently stands at $0.74. If the coin breaches this point, then it can register a significant decline of 14%. The market capitalization of MATIC has also declined over the past few weeks, which is a clear indication of the bearishness in the market. If we look at the coin’s performance over the past year, then we can see that MATIC is currently trading 74% below its all-time high, which is a further cause for concern.
Overall, the outlook for MATIC appears to be bleak, and the coin needs to find buyers soon if it is to sustain itself. The important price floor of $0.74 will be a crucial point to watch in the coming days as any breach of it could lead to a further decline in the coin’s price.