Crypto traders are now paying close attention to Polygon's native token MATIC after it has experienced a downward price movement, resulting in it being pushed to an area of important technical support. In the past week, MATIC has gone from trading at $1.1840 to trading at $0.9683 at press time.

This drop in value has seen the price fall by approximately 18%,diverging from the local high and breaking through the support line of $1.0269. The next considerable level of support for MATIC is at $0.9184, which forms a strong weekly trend line.But, if the price dips below this level, the bullish prediction may be on choppy ground.

Cutting the price, which stands at $1 right now, is an influential psychological threshold, which is what encourages the bulls to expect an uptrend to happen in the near future. If the current trend were to reverse, the market movement would stay between the range of $0.9424 - $1.2535, which MATIC has been trading in for the last few weeks. Envisioning the reversal of this pattern, the upper limit of $1.2535 could launch MATIC onto the yearly high of $1.5678, set on February 18th, 2023.

MATIC, listed as 9th on the CoinmarketCap list, has received a lot of attention in the crypto industry lately. The blockchain fueling the tokens, Polygon, is known for its enhanced scalability and acts as a layer 2 protocol for Ethereum-compatible projects.

Observing the growing recognition of this crypto and its technical elements, analysts are devising a potential 90% rise in the price by the end of this year, taking it to a maximum of $1.8351. Nevertheless, it is important to note that these predictions and forecasts might not always be accurate and need to be dealt with caution.



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