• Polygon (MATIC) has been on a downward spiral for the last couple of weeks, losing 4% of its value in the last 24 hours and 6% in the last week.
• The coin has breached several price floors and the most important price floor currently stands at $0.74.
• The market capitalization of MATIC has also declined in the past few weeks, trading 74% below its all-time high secured one year ago.
The cryptocurrency market has been in a bit of a slump lately, with many coins seeing a decrease in their value. Polygon (MATIC) is no exception, as the altcoin has been on a downward spiral for the last couple of weeks. Over the last 24 hours, MATIC lost 4% of its value and 6% over the last week.
It has been a tumultuous month for MATIC, as it touched the $1.20 price mark earlier in November before plummeting significantly. Since then, the Polygon price has noted a freefall in its value and buyers have been nowhere to be found. It will be difficult for MATIC to sustain itself above its immediate support level, which means that the buying strength of Polygon needs to increase considerably for it to remain above the local support line.
To make matters worse, the coin has breached several important price floors over the past month. After trading sideways for a while, MATIC lost buyers further, resulting in the coin falling on its chart again. Currently, the most important price floor for MATIC stands at $0.74 and if the coin loses this support line, it could lead to a 14% decline.
The market capitalization of MATIC has also declined in the past few weeks, trading 74% below its all-time high of one year ago. This is a concerning sign for the coin, as it shows bearishness in the cryptocurrency market.
It remains to be seen if MATIC is able to regain its footing in the coming weeks. For now, investors will be watching closely to see if the coin is able to maintain its current price level or if it will fall further.