MATIC Risks Heavy Decline If It Falls Below This Price Level, Analyst Says
30 August 2023 - 1:00AM
NEWSBTC
MATIC, the native token of the Polygon network, has experienced
both sides of the crypto market volatility in the last day, with a
temporary boost followed by a steady price decline. Over the
past 24 hours, the prominent altcoin has had its price bounce
between $0.55 and $0.56, forming a major consolidation zone. As
many MATIC investors speculate on the token’s next movement,
popular crypto analyst Ali Martinez has given an interesting
prediction that implies an impending market loss. MATIC In Danger
Of 27% Price Decline Via an X Post on Monday, Ali Martinez alerted
the crypto space that the MATIC token was in a critical price zone,
which could result in heavy investor losses. Related Reading:
MATIC Social Sentiment Slides To Negative Territory – What’s The
Impact On Price? Over the last seven days, MATIC has recorded both
negative and positive movements, often finding support at the
$0.53-$0.54 price zone. Interestingly, Martinez
predicts that if the Polygon native token lost this support level,
it would likely fall as low as $0.40, representing a potential 27%
decline from MATIC’s current price. The analyst further
emphasizes the importance of this support level, stating it is
“guarded” by 3,770 wallet addresses that collectively own 70.19
million MATIC tokens. Looking at MATIC’s daily chart,
investors may have real cause to pay attention to Martinez’s
prediction as the token’s price movement forms a descending
channel. Based on this pattern, MATIC could likely record
little gains in the coming days, but its long-term outlook
indicates the continuation of its current bearish trend. However,
investors are reminded that all price predictions are speculative
with no guarantees. MATIC trading at $0.554 on the daily
chart | Source: MATICUSD chart on Tradingview.com MATIC Daily
Active Address On the Rise On a more positive note for MATIC, the
Polygon network has experienced a significant rise in its daily
active addresses over the last few days based on data from market
intelligence firm Santiment. Following a steady decline in
mid-August that saw this metric fall to around 182,000 on August
20, there has been a notable recovery, with the daily active
address count reaching about 264,000 on Monday, August 28. This
indicates an increased interest in Polygon despite MATIC’s little
price movement in the last week. Related Reading: Polygon
(MATIC) At June Lows Again – Prospects For Bullish Recovery? In
other news, Polygon co-founder Sandeep Naiwal has posted an update
on Polygon 2.0 detailing the benefits of MATIC’s proposed upgrade,
the POL token. According to data from CoinMarketCap, MATIC is
currently trading at $0.55 with a 0.05% loss in the last day.
However, the token’s daily trading volume is on the green side,
rising by 0.52% to be valued at $248.56 million. With a market cap
of $5.16 billion, MATIC is ranked as the 14th largest
cryptocurrency. Featured image from The One Brief, chart from
Tradingview.
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