MATIC at the turning point on the 4 hour chart after the mini rally
- The price of MATIC has reached a turning point on its 4-hour chart.
- CoinMarketCap shows that the price of MATIC has retreated over the past 24 hours.
- After a healthy retracement, MATIC might look to target $1.
Ranked 15th on CoinMarketCap’s list of largest cryptos by market capitalization, Polygon (MATIC) has seen a slight drop in price over the past 24 hours, according to the crypto market tracker.
On the 4-hour chart for MATIC/USDT, MATIC price reached a turning point after climbing from $0.5458 to $0.7096 before pulling back to $0.6859. Following the retracement, MATIC price then looked to challenge the $0.7037 level but was unable to break above the level. This triggered a downward price move of 3 candles on the 4-hour chart.
Now that the price of MATIC was unable to break above the $0.7037 level and started to pull back, investors should be prepared for the price of MATIC to potentially fall to $0.60. If a bullish move occurs after the healthy retracement above the $0.73 level, then the next target will be $1.
As of this writing, the price of MATIC is at $0.6917 after falling 0.56% over the past day. CoinMarketCap shows that the price of MATIC has also fallen by 0.58% in the last hour. The longer timeframe looks more positive as MATIC’s price is still in the green by 16.98% over the past seven days.
The recent price movement of MATIC brought the total market capitalization of the coin to $5.562 billion. This ranks it below Shiba Inu (SHIB) with its market cap of $5.882 billion and above Avalanche (AVAX) with its market cap of $5.439 billion.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.