One of the sharpest recoveries in the cryptocurrency market was seen by Polygon (MATIC).
The Coinbase self-custody wallet declared that its browser extension and wallet app now support Polygon NFTs. A new smartphone company named Nothing and Polygon(MATIC) have teamed. Nightfall, a hybrid ZK and optimistic rollup solution created in collaboration with “Big Four” financial services company, Ernst & Young, was made available in mainnet beta form by Polygon in May.
Despite Polygon’s development efforts, the MATIC token has been under performing by the current bear trend. It has lost 80% of its value since hitting an all-time high of $2.92 in late December. Since reaching a peak above $10.5B in June of last year, the TVL of the PoS Chain has decreased by more than 84 percent. Let’s take a look at the MATIC price
As investors buy the dip, the Polygon( MATIC) price has been in an upward uptrend. The price of the coin hits around $0.62, the highest point since June 26th. This price is currently around 80% higher than where it was in June of this year.
If the $0.54 support level holds, MATIC is likely to retest the $0.614 price level in the near future, signaling a bullish breakthrough. The next significant resistance level to watch is between $0.79 and $1 if this one fails. A retest of the $0.614 price level is very plausible given MATIC’s more than 50% decline over the past 30 days.
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Images courtesy of TradingView.
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