- MATIC price is reacting favorably to the $0.381 support level after seven consecutive weekly down candlesticks.
- A recovery seems plausible but capped by the $0.477, $0.495 and $0.686 resistance barriers.
- A weekly candlestick close below $0.381 will create a lower low and continue the downtrend.
MATIC price is hovering around a stable support level that was pivotal in propelling it to new highs in mid-2021. As a result of this foothold combined with the pause from sellers, investors are expecting a relief rally for Polygon.
MATIC price shows potential
MATIC price crashed 73% since late April 2022 and set a swing low at $0.362. This downswing comprises seven consecutive weekly down candlesticks, indicating the state of the market and as an extension - altcoins.
While some cryptocurrencies have rallied 35% over the last 48 hours, Polygon seems to have recovered only 12% of its losses and is eying for more. However, this move will not be easy as MATIC price will face the $0.477 and $0.495 hurdles that are likely to absorb the buying pressure.
A flip of these two blockades into a support floor will allow MATIC price to make a run at the significant resistance barrier at $0.686. This level served as stable support all through 2021, hence will be a tough one to rack.
MATIC/USDT 1-week chart
While things are stabilizing around the $0.381 weekly support level, investors should note that a breakdown of the said barrier will invalidate the recovery thesis.
This development will produce a lower low and crash MATIC price by 38% to the next weekly foothold at $0.234. If buyers step in here, the uptrend or recovery rally could be given another go.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin surges to $0.20 as meme coins outperform broader crypto market
Dogecoin (DOGE) is rising alongside other major cryptocurrencies to trade at around $0.1990 on Friday. Interest in the largest meme coin is at an elevated level, approaching the highs seen in May, when DOGE rallied to $0.2597.
Crypto Today: Bitcoin explodes toward $120,000, igniting interest in Ethereum and XRP
The cryptocurrency market is beaming with anticipation of an extended rally, particularly in the price of Bitcoin (BTC), which has skyrocketed this week, hitting a new historical high of $118,870 on Friday.
Bitcoin Weekly Forecast: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a fresh all-time high near $118,900 on Friday, with bulls eyeing $120,000 as the next key milestone. Corporate and institutional demand remains robust, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
Ethena records double-digit gains amid Upbit listing, Coinbase partnership
Ethena (ENA) edges higher by 20% at press time on Friday, printing its fourth consecutive bullish day. The surge in buying pressure could be triggered by the increased volumes from the Korean market after the Upbit listing on Friday.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin (BTC) price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.