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Will Matic Sustain Above $1?

 


Polygon Network (MATIC/USD) is down over 40% over the past two weeks. The coin, once considered immune to market corrections, has also fallen victim to the market's sharp sell-off as Bitcoin (BTC/USD) fell to $33,000. Matic is used to power the network and serve as a utility token for Polygon. It acts as the network's main transaction currency and as a financial incentive for those who want to contribute to the ecosystem. Matic is down over 55% from a new all-time high it hit earlier in the month, and investors fear the fall isn't over yet.


Earlier this month, Matic staged a strong recovery that saw its price surge over 60% to hit a new high. However, Matic has lost all gains from the recovery and is now in a very strong downtrend, so investors should wait for the right timing before buying Matic. Numerous coins, including Matic, are oversold following the recent sell-off. Therefore, a pullback could happen soon, but that does not mean that the uptrend will return. Matic hit a new all-time high in December as Bitcoin and other major coins plummeted. So if Matic can regain its strength, it could be a great coin for investors to buy.


What the charts suggest for the coming weeks:



Strong support is seen at the $1.5 level. Therefore, staying above the zone is crucial for Matic. Additionally, it looks like a market shakeout took place earlier this week, which is an optimistic sign that Matic could bounce back soon.


Matic is also trading near the oversold zone on the RSI, so buyers could be seen soon.


If Matic breaks the $1.5 zone, it could head towards the demand zone at $1.1, so investors should get in near the zone.


A target of $1.8 can be set, followed by $2.1.

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