MATIC has demonstrated an amazing resilience and is continuing to rise. Following our H2 2021 forecast target of $2.00, MATIC suffered a significant decline in price over the previous three weeks. After peaking at $2.22, it plummeted to around $1.527, which is equivalent to almost a 30% loss if you bought high. Given the significant drop, most individuals would be asking if this is a minor crypto crash or simply a healthy pullback.
When learning about price action, I would always suggest looking at the longer timeframe first to gain a better macro view of where the price is in the bigger structure. A change from the daily time frame to a period as long as seven days might provide valuable information.
MATIC (Weekly): Shows a Healthy Retest of a prior Breakout Point
Indeed, the weekly timeframe demonstrates that the so-called “mini crypto crash” is simply a healthy pullback from a previous pivot breakout point. When MATIC fell to the previous breakout levels of $1.50-$1.60, there was evident buying interest at those locations right away.
A “breakout retest” happens frequently in the market and is regarded as a typical sell-off reaction because early movers want to take gains, while late entrants are seeking to buy at important support levels. This breakout retest, on the other hand, must succeed if it is to be successful. At the time of writing, it appears that it is still holding strong above $1.40. If a fall below $1.40 occurs, MATIC’s breakout and long-term uptrend are jeopardized.
The past price analysis for the day is as follows:
The M-BAFT token began its journey in the cryptocurrency industry on April 29, 2019, with a value of $0.004. MATIC subsequently started to climb steadily. The price hit a peak of $0.03 at the end of May, but it fell to $0.01 by early June owing to several changes. Afterward, it recovered some ground and maintained stability for $0.02 until the end of July. Once again, the MATIC token decreased to $0.01 by early August and has remained consistent in terms of price with minor variations until November
Finally, by early December, MATIC rose to $0.04 in a matter of weeks after gaining the attention of market investors. Despite drawing the investors’ attention, the value fell to $0.01 by mid-December. By the end of 2019, MATIC was trading at $0.014. During the start of 2020, it traded at $0.014 throughout most of January until it fluctuated and reached $0.02 in February .MATIC dropped suddenly to $0.006 around March mid-month when the crypto market collapsed due to Covid-19 epidemic fears. The price went to $0.026 in May, then began climbing and reached its resistance level at $0.025 at the end of the month. The token hit $0.031 by mid-August and crashed to $0.012 during November. It was selling for around $0.017 at the end of December 2020.
In 2021, Polygon’s MATIC fluctuated between $0.0018 and $0.0020 throughout most of January 2021. The price began to rise later, peaking at $0.043 by the end of January. Then, on March 12th, MATIC unexpectedly posted an all-time high of $0.509 and recouped further gains. The token had a good run of it . However , as with many other cryptocurrencies, the uptrends in MATIC were brief because the cryptocurrency market crashed on May 19th, sending most assets into a downward trend. In the past week, we’ve seen a substantial drop in the price of Bitcoin. The value of $BTC is now below its position at the beginning of June. USDC was one among them where it decreased from $2.45 to $1.66, falling by more than 50%. After this collapse, most currencies gradually recovered, and Polygon caught everyone’s attention in the market.
In this manner, the MATIC price passed a new junction from $0.94 to $2.1 on May 24, recovering at a rate higher than that of Bitcoin and Ethereum monsters. When most currencies were floating after the severe market downturn, it was estimated to be around 100% in just 24 hours. MATIC has continued its bullish momentum while remaining well bid, which is why traders believe Polygon has a bright future.
Polygon’s token price is presently $1.719, according to Coinmarketcap. The market cap ranking is #21 with a current market capitalization of $11,746,142,862. Polygon has a circulating supply of 6,872,890,164 MATIC coins and a maximum supply of 10,000,000,000 MATIC coins.
The cryptocurrency market, like the broader stock market, was also dropping. With Bitcoin and Ethereum retreating from all-time highs, the cryptocurrency market followed suit. MATIC wasn’t immune; it has dropped -30 percent from weekly highs.