Summary
TLDR: Polygon (MATIC) price bounced back above $1, but investors are taking a break, leading to a decline in network activity. Potential investors are hesitant, causing network growth to drop. MATIC price may fall below $1, with support at $0.92 and a monthly low at $0.88. If it breaches $1.02, it could flip $1.09 resistance into support and recover losses.
Key Points
1. The Polygon (MATIC) price managed to bring itself back above the $1 mark this week after nearly closing a daily candlestick below it.
2. Polygon investors play a huge role in impacting the direction of the MATIC price, and these holders are taking a turn for the worse. Following the recent correction and the more recent scare of the altcoin losing $1 for good, investors have seemingly decided to pull back for now.
3. MATIC price is trading above the $1 support level at the time of writing, closing in on breaching the resistance marked at $1.02. Nevertheless, considering the aforementioned factors, the chances of a decline below the $1 support are very high.