September saw a lot of sideways trading in the price of $MATIC displaying a lack of consensus among buyers and sellers. However, this lateral trajectory seems to be heading straight toward a crucial resistance trendline that has held intact since February 2023. The arrival at this crucial turning point can increase selling pressure and $Matic might drop the $0.4 level during the projected decline.
$Matic 5-day price chart. Source: Trading View
The $MATIC price has had a sharp correction since the past month, falling from a high of $0.89 to its current price of $0.51—a loss of 42%. The coin price displays a downward-sloping resistance trend line while the current market attitude is still ambiguous.
On the daily chart, $MATIC has been forming a string of lower highs under intense bearish pressure. T bearish trendline is currently being contested by vigorous buying demand at the $0.50 price level. The price movement of MATIC, which is now constrained between this trendline and the $0.50 support, points to an impending breakout.
$MATIC is trading at $0.5108 as of 28 Sep, 2023 at the time of writing, representing a slight decrease of 0.96% over the previous 24 hours and forming a bearish candlestick.
$MATIC has a serious risk of seeing its downward trend continue. However, there is some hope because of the strong support at $0.50. The negative trend line or a breakout above this level would indicate a potential entry target for traders.
If there is a bullish breakout, $MATIC may soar toward the $0.74 level. On the other hand, a drop to $0.40 may be approaching if the coin is unable to keep its position above $0.50.
$MATIC TVL. Source: DefiLlama
With a total value locked (TVL) of more than $$774.68m and a stablecoin market capitalization of $1.3 billion, the Polygon network is still a hot favorite of buyers and developers. However, the current TVL has decreased significantly from $1.72 Billion since the past year and is currently towards the early 2023 level.
Polygon ecosystem has come up with many new upgrades and is constantly evolving. As per the latest news, on mainnet beta, Polygon zkEVM’s first significant update went online. The newest EVM opcode is supported by Dragon Fruit, also known as ForkID5, making Polygon zkEVM the first Ethereum L2 known to support PUSH0.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
