MATIC Price Slumps 10% Amidst Market Downturn – Here Are Key Levels To Watch
March 17 2024 - 2:51AM
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MATIC, the native token of the Polygon network, has witnessed a
significant decline in its value. It has fallen by more than 10% in
the past week and 8% in less than 24 hours as the general
cryptocurrency market continues to grapple with a cloud of negative
sentiment. Fortunately, the latest on-chain analysis has revealed
the important levels that investors should look out for following
the latest decline in the MATIC price. Over 10,900 Addresses Bought
600 Million Polygon Tokens At This Price According to a recent post
on X by crypto pundit Ali Martinez, the price of MATIC has
established a key support around its current price point. This
evaluation is based on analytics firm IntoTheBlock’s on-chain data,
which tracks the average acquisition price for any given wallet
address. The distribution of the Polygon token supply across
various price ranges | Source: Ali_charts/X Above is the chart
highlighted by Martinez that shows the distribution of the Polygon
token supply across various price ranges. The size of the dots in
the chart represents the magnitude of coins purchased around the
corresponding price range. Related Reading: Post-Halving Pressure:
Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000
Most notably, over 10,900 wallet addresses bought a whopping 608
million MATIC around the $1.02 and $1.05 zone. According to the
crypto analyst, this massive buying activity has supported the
establishment of crucial support around this price region. #Polygon
has found crucial support between $1.02 and $1.05, supported by
10,900 addresses holding around 608 million #MATIC. Should this
support falter, the next essential demand zone lies near $0.91,
where 35,700 addresses collectively hold 394.6 million $MATIC.
pic.twitter.com/rLn4ymcQf7 — Ali (@ali_charts) March 16, 2024 While
the large size of the dot reflects the strength of this particular
level, sustained bearish pressure could cause the price of MATIC to
breach and fall beneath this support. In this case, investors could
see the cryptocurrency drop to around $0.91. This makes the $0.89
and $0.92 price range another level to watch, as it represents the
next vital support area, where 35,680 wallet addresses purchased
nearly 400 million Polygon tokens. MATIC Price Overview As of this
writing, the price of MATIC stands at $1.04, reflecting an 8%
decline in the past 24 hours. This price dip comes after the
altcoin printed a multi-month high of $1.28 on Thursday, March 14.
According to data from CoinGecko, the Polygon coin has suffered a
9.7% price slump in the last seven days. From a broader
perspective, though, the cryptocurrency has had a fairly positive
performance in the past month. Related Reading: XRP Records Massive
80% Surge In Trading Volume – Can Price Reach A New ATH? With a
market capitalization of more than $9.7 billion, the MATIC token
ranks as the 18th-largest cryptocurrency in the sector. MATIC price
finds support around $1.04 on the daily timeframe | Source:
MATICUSDT chart on TradingView Featured image from Getty Images,
chart from TradingView
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