Polygon (MATIC) Price Breaches Strong Support, Could Retest $1
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- Polygon is down 9.26% in the last 24 hours.
- The reversal had a pessimistic outlook on Polygon.
A vital support region for MATIC has been turned into a resistance barrier by the price action. There is a possibility that market makers may try to push Polygon lower to get liquidity.
A 25 percent reduction in MATIC’s price has occurred during the last three days, and it is expected to continue its downward trend. The recent fall below the 200-day Simple Moving Average (SMA) at $1.62 after lingering above it for more than a year may be the fundamental cause for this bearishness. Thus, this reversal has a pessimistic outlook on Polygon.
Despite Polygon’s best efforts to break over this level, the coin has lost 9.26 percent today. The daily support levels of $1.44 and $1.22 for MATIC, on the other hand, might cut short the slump, unlike other altcoins.
Worst Case Scenario- Below $1
Although this perspective may seem somewhat optimistic, it is dubious since market makers might lower MATIC price to hit the weekly support level of $1.03 to collect the sell-stop liquidity that is now lying below it. The worst-case scenario is a 30 percent drop to $1 or below, so market players should be prepared for this.
IntoTheBlock’s Global In/Out of the Money (GIOM) model supports this pessimistic prognosis for MATIC pricing. With 67,320 addresses purchasing almost 362 million MATIC tokens at $1.22 and $0.99, this on-chain indicator reveals Polygon’s support levels to be steady beyond $1.44.
According to CoinMarketCap, the Polygon price today is $1.46 USD with a 24-hour trading volume of $1,360,235,718 USD. Polygon is down 9.26% in the last 24 hours.
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