POLYGON MATIC PRICE ANALYSIS & PREDICTION (July 21) – Matic Continues To Struggle Amid Market Recovery, Looks Set For Another Dip

2024-7-22 22:48

Compared to other Layer 2 tokens, which have seen a notable increase in the past few days, Matic struggles with volatility as it briefly recovers. It encountered resistance and now looks poise for a fresh drop. 

Following a monthly crash to a two-year low of $0.428, Matic quickly rejected the low-price level and bounced back. This led to a two-week increase, which later turned out insignificant due to low buying volume.

During that period, it managed to reclaim some lost grounds but later faced resistance at the $0.57 level this week. A rejection occurred and the price retraced to around $0.53 at the time of writing. 

From a technical perspective, Matic currently looks primed for another drawdown. Meanwhile, it is sitting on a weekly support of $0.5. 

A dip below this minor support could roll the price back to its two-year low. Losing this low in the process could trigger another collapse, which will likely cause more pain in the market. 

If the price increases with a break above the monthly high, we may see a massive surge in the next few days. Matic’s demand currently looks low. The overall market outlook remains bearish weekly. Matic must climb back above $0.8 before one can start to consider a change in the trend.

Matic’s Key Levels To Watch Source: Tradingview

The price is currently down 2% today. A drop below the weekly low could slide the price to $0.428. A new support may surface at around the $0.32 level (June 2022 low) if a breakdown occurs.

Above the monthly $0.574 high lies the $0.645 resistance. If the surges through all these immediate levels, the next main resistance to keep in mind for a test is $0.77.

Key Resistance Levels: $0.574, $0.645, $0.77.

Key Support Levels: $0.5, $0.428, $0.32.

Spot Price: $0.534 Trend: Bearish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko14/123RF // Image Effects by Colorcinch

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Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
Капитализация $0 Rank 99999
Доступно / Всего 0 MATIC

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