{"id":514283,"date":"2022-12-30T16:00:36","date_gmt":"2022-12-30T21:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=514283"},"modified":"2023-03-08T07:25:43","modified_gmt":"2023-03-08T07:25:43","slug":"polygon-depicts-downtrend-next-support-level","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic\/polygon-depicts-downtrend-next-support-level\/","title":{"rendered":"Polygon (MATIC) Depicts Further Downtrend, This Could Be The Next Support Level"},"content":{"rendered":"
The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks. Over the last 24 hours, MATIC lost 4% of its value. The altcoin has also lost about 6% in the last week. Earlier in November, MATIC touched the $1.20 price mark and plunged significantly.<\/p>\n
Since the coin plummeted in November, the Polygon price has noted a freefall in its value. Going by the technical outlook on the daily chart, buyers are nowhere to be found. It will be difficult for MATIC to sustain itself above its immediate support level.<\/p>\n
The buying strength of Polygon has to increase considerably for it to remain above the local support line. Over the past month, the coin has breached several important price floors. After trading sideways for a while, MATIC lost buyers further, which made the coin fall on its chart again.<\/p>\n
For Polygon, the most important price floor currently stands at $0.74. If MATIC loses that support line, the coin can register a significant decline of 14%. The market capitalization of MATIC also declined over the past few weeks, which depicts bearishness for the coin. Currently, the coin is trading 74% below its all-time high secured one year ago.<\/p>\n