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![\"MATIC](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/18220518\/y0Popmsi-e1692376542794.png\")
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<\/a> Amid the recent correction phase in the crypto market, the MATIC price<\/a> witnessed a V-top reversal from the $0.8819 resistance. This reversal evaporated the entire recovery from the buyers\u2019 build during the June to mid-July recovery, heading towards the last swing low of $0.508. Will the ongoing downfall mark a new 2023 low for polygon coins?<\/span><\/p>\n <\/p>\n Also Read: Reddit NFT Sale Crosses $40M; Polygon Founder Reveals What\u2019s Next<\/a><\/span><\/p>\n In the last five weeks, the MATIC price dropped from $0.8819 to the current price of $0.5722 registering around a 35% loss of market value. This downfall has brought the coin price to the last lower low which is $0.508, indicating the sellers may reattempt to further extend the downward trend.<\/span><\/p>\n The recent sell-off in the crypto market increased the bearish momentum and gave an additional push for a breakdown below $0.0508. If the daily candle is below the aforementioned support, the MATIC price may drop another 38% to reach the 18th June low of $0.316.<\/span><\/p>\n<\/blockquote>\n In addition, a downsloping trendline of the daily chart shows the direction of the current correction phase. Until this trendline is intact, the polygon coin may face aggressive selling.\u00a0<\/span><\/p>\n <\/p>\n Despite the massive sell-off witnessed during the early hours of August 15th, the buyers stepped in by day\u2019s end and pushed the prices higher with long-tail rejection. This lower tail reflects the accumulation of buyers at the market dip, projecting the potential of a bullish reversal. In the coming days, if the price action shows a reversal from $0.56 or $0.5, the buyers could wait for a breakout above the overhead trendline to gain additional confirmation. This potential reversal may push the Polygon coming back to $0.891<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nMATIC Price Daily Chart<\/b><\/h2>\n
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![\"MATIC](\"https:\/\/s3.tradingview.com\/snapshots\/y\/y0Popmsi.png\")
Source- Tradingview<\/span><\/p>\n\n
Can Polygon Coin Recovery Back to $0.89?<\/b><\/h2>\n
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