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  • MATIC price fails to hold amid the market turmoil as price falls back into its key support zone with a range bound move.
  • MATIC price continues to show strength after a downtrend with the current state of the market as things look uncertain for most traders and investors.
  • MATIC price continues to hold $0.75 on daily timeframes as price targets bounce above 50 Exponential Moving Average (EMA)

The price of Polygon (MATIC) has been a remarkable performer in recent weeks, rising from a low of $0.85 to a high of $1.3 before being rejected due to the current state of the market which has affected most crypto projects. The crypto market has seen a dramatic shift in sentiment, with Polygon (MATIC) and the price of other altcoins struggling to survive after news broke that Binance would not take over FTX and the company had gone bankrupt. The previous months saw the price of most altcoins rise, as many produced gains of over 200%, and many hoped for a bigger rally. Yet, these expectations have been interrupted by the uncertainty surrounding the crypto market, which has raised a lot of fears about where the market is headed. (Data from Binance)

Polygon (MATIC) price analysis on the weekly chart

The crypto space has seen a lot of turbulence in recent days, with many altcoins struggling to show their strength after losing key support that was holding the price down.

The current market uncertainty has made traders and investors hesitant to buy altcoins, as there is no guarantee that they will rise anytime soon.

The news of the presence of other exchanges in the FTX saga has raised more fears as many investors and traders are hesitant to invest in certain projects. this cannot be said of MATIC, as many investors and traders continue to show so much interest in this project.

The price of MATIC fell to a weekly low of $0.77 before bouncing off this region, showing great strength at a region of $0.97 as the price aims to break higher. The price of MATIC must be above $0.75 to avoid going to a lower region.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.75.

MATIC price analysis on the daily chart (1D)

MATIC Daily Price Chart | Source: MATICUSDT

The price of MATIC remains considerably strong in the daily timeframe as the price is trading above the $0.8 support after bouncing off the $0.95 region.

If MATIC price breaks above $1, we might see more rallies for MATIC price; a break below a $0.75 region would lead to more selling for MATIC with a possibility of price trending towards a $0.6 region.

Daily resistance for MATIC price – $1.

Daily MATIC price support – $0.75.

Featured Image From zipmex, Charts From Tradingview

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