The crypto space has fallen sharply and is currently consolidating in a very tight range, but shows no signs of a rebound. Still, altcoins are showing some bullish momentum as they hold above high support levels.
Polygon (MATIC) price despite extreme selling pressure held strongly above the trendline and mostly above $1.5.
The Polygon blockchain is on its way to becoming one of the top blockchains in the crypto space with multiple partnerships, collaborations, and very recently entering the NFT space. On the other hand, the daily active user hit an ATH earlier this month.
With NFT, Polygon is poised to thrive in the gaming and DeFi industry. Also, the implementation of EIP-1559 was the icing on the cake. And so, with such fundamentals, the MATIC price tends to exhibit a strong recovery at the earliest.
- MATIC price exhibits one of the strongest rallies ever, which roared like a monster to reach highs just above $3
- Currently following a noticeable downtrend amidst the extreme downtrend looming over the market.
- The asset dipped hard, but held strongly above the strong uptrend line well above the $1.5 support levels
- The MATIC price has not touched the trendline despite multiple selloffs in the crypto space and therefore the asset could trigger a reversal by breaking the trendline.