Polygon (MATIC), one of the most promising projects in the market, has been on the radar of respected crypto analyst Ali Martinez, who disclosed various important details about the coin’s price motions. Drawing on on-chain data from IntoTheBlock, Martinez discussed potential support levels of Polygon coin, locating a key range at $1.02 – $1.05.
Martinez’s study revealed a marked increase in buying activity within this zone, where roughly 608 million tokens have been bought by 10,900 addresses. This accumulation, according to Martinez, became a very strong support for MATIC. Nonetheless, Martinez warned that if this support is not defended, it can pose a threat to the price of MATIC, making it dip to $0.91.
As of now, Polygon is worth $1.06, showing a decline of 7.43% in the past 24 hours, and 13.24% in the last 7 days. This token has exhibited strong trading, as the 24-hour trading volume stands at $745,769,717.
Source: TradingView
MATIC’s Battle At Key Levels Amidst Bearish Pressure
Martinez’s analysis was complemented by the markers on the MATIC 4-hour chart. At $1.17 the Supertrend indicator gave a sell signal suggesting a negative bias in sentiment. Although a small buy signal appeared at $1.16, the following bearish pressure obliterated any bullish effort, dragging the price even lower.
At the moment, bulls are fighting to create a base around $1.03. However, the risk of increasing bearish pressure that is becoming evident suppresses the immediate outlooks of Polygon. The failure to hold under this pressure might provoke another drop that may carry MATIC to the level of $0.92.
MATIC/USD 4-Hour Chart (Source: TradingView)
The MACD (Moving Average Convergence Divergence) indicator supported Martinez’s cautious stance, staying in the negative area. The crossing of the 12-day Exponential Moving Average (EMA) below the 26-day EMA signified the strong presence of sellers in the current market setting.
Considering this tough market structure, Martinez proposed that MATIC may find it difficult to have a significant recovery. As a result, Martinez surmised that breaking under $1 was a feasible scenario. Yet, a return of bullish strength may push MATIC higher, with $1.50 coming out as a possible objective.
However, the investors are left on the edge as MATIC moves through the choppy waters and starts behaving erratically. The Polygon’s native token is in a state of equilibrium being at the mercy of both bullish and bearish factors not to mention the market sentiment and investor’s maneuvers.
