Polygon’s native token MATIC persists in securing its position over a major horizontal support area, reflecting a critical juncture that has influenced price movement for approximately three years. Despite a recent breach of short-term downward resistance, MATIC’s price action hasn’t seen a significant rally, leading to investor apprehension.
Steady Above Crucial Support
The cryptocurrency has been trading above the steadfast support zone of $0.7879 for the past 90 days, a level that has regularly acted as a pivot point since April 2021. Although MATIC dipped below this threshold briefly, it quickly recovered, suggesting strong buyer interest at this level. The rebound, however, has not yet translated into a considerable price climb, with MATIC settling back on the crucial support.
Analyst Perspectives and Technical Indicators
Experts from the cryptocurrency community, including one named ColdBloodShill, have voiced optimism about MATIC’s potential trajectory based on its sustained position above the support region without dropping to lower prices. They are buoyed by the fact that MATIC has maintained its ground despite the market’s volatility.
Technical analyses on a daily scale show a potential bullish formation, with MATIC’s price beginning an ascent from the $0.72 support on January 23 and breaking above the descending trend line six days later. Although the token has seen some depreciation since the breakout, it hovers close to the critical level, possibly preparing for a trend confirmation retracement.
Currently, MATIC’s value has slightly increased by 0.5%, reaching $0.7969, with a 10% surge in trading volume over the last day totaling $236 million. The overall market volume has also edged up by 0.5%, amounting to $7.6 billion.