MATIC Risks Heavy Decline If It Falls Below This Price Level, Analyst Says

MATIC, the native token of the Polygon network, has experienced both sides of the crypto market volatility in the last day, with a temporary boost followed by a steady price decline. Over the past 24 hours, the prominent altcoin has had its price bounce between $0.55 and $0.56, forming a major consolidation zone.

Timeline of Polygon

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP.

Web3 specialist, KresusLabs, unveiled its innovative Kresus Market on August 23, positioning it as a connector for traditional online marketplaces and the evolving world of Web3. With its strategic location in the Web3 landscape, KresusLabs aims to streamline the user experience, particularly for those engaging with assets on the Polygon blockchain.

The world of cryptocurrency is witnessing a surge in stablecoins and digital currencies pegged to stable assets, often fiat currencies. Num Finance, based in Argentina, has recently made headlines by launching a new stablecoin tied to the Colombian peso.

Following the launch of the Kresus Marketplace on August 17, Kresus unveiled plans to introduce a suite of additional tools that will redefine how users engage with the Polygon ecosystem.

Polygon was one of the biggest movers in crypto markets on Tuesday, as the token fell by over 5% in today's session. The decline saw the token fall to its weakest point in two months, breaking out of a key support point in the process. Cardano was also in the red today.

Polygon (MATIC) is showcasing an impressive jump in its total whale transactions over the past week as every altcoin explores hidden triggers that can fuel price growth. For Polygon, data from crypto analytics platform IntoTheBlock (ITB) shows that whale transactions on Polygon have surged as high as 49.44% over the past week.

The MATIC price correction trend formed a new lower high at $0.891 and tumbled aggressively in the last five weeks. This downfall registered a 40% loss and evaporated the entire gain accumulated in the June-July rally.

Polygon (MATIC) price has slid below $0.55, its lowest since July 2022, as investors switch attention to newer L2 networks. The on-chain analysis outlines key indicators that could push MATIC's price deeper into the danger zone.

Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. The coin's recent retracement to June lows has garnered significant attention from bullish investors, even as the broader crypto market remains hounded by uncertainties and price plunges.

Amid the recent correction phase in the crypto market, the MATIC price witnessed a V-top reversal from the $0.8819 resistance. This reversal evaporated the entire recovery from the buyers' build during the June to mid-July recovery, heading towards the last swing low of $0.508.