Polygon (MATICUSDT) price over 7 days dropped -7.10% to 1.08700 for the week ending 2023-03-26. For the record, MATICUSDT is -62.58% below all-time high of 2.92000.
Over the last 30 days, MATIC is down by -19.39% while 12-month period is down by -30.80%.
For the week, our technical analysis on the price action looks pressured towards the downside as Polygon is not performing well over the last 7 days.
What can we expect from Polygon today?
At time of writing, Polygon has decreased by -1.62% over the past 24 hours. Our analysis is that there could be selling pressure.
Looking ahead for the day, immediate support level is at 1.06190 (S1) with break below could see further selling pressure towards 1.03680 (S2). As the current momentum is fading, we prefer to look at firm break of the recent daily high of 1.11210 with a higher-low pullback as a possible indicator of buying interest. Though failure to break the resistance level could also suggest price consolidation.
Key levels to watch out:
Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.Using Polygon, one can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains or any other kind of infra required by the developer.Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum’s security, vibrant ecosystem and openness.Nothing will change for the existing ecosystem built on the Plasma-POS chain. With Polygon, new features are being built around the existing proven technology to expand the ability to cater to diverse needs from the developer ecosystem. Polygon will continue to develop the core technology so that it can scale to a larger ecosystem.The $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
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