The price of Polygon (MATIC) has been a standout performer in recent weeks rallying from a low of $0.85 to a high of $1.3 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Polygon (MATIC) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)
The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.
The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.
The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects; this can not be said of MATIC, as many investors and traders continue to show so much interest in this project.
MATIC’s price declined to a weekly low of $0.77 before bouncing off this region, showing some great strength to a region of $0.97 as the price aims to break higher. The price of MATIC needs to be above $0.75 to avoid going to a lower region.
Weekly resistance for the price of MATIC – $1.