Connect with us

Digital Assets

Polygon (MATIC) Price Corrects After Hitting ATH in a Christmas Rally

mm

Published

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

Polygon (MATIC) has had quite an interesting few days. Over the course of the last 10 days, the coin’s price entered a major rally that resulted in it reaching a new all-time high, less than a week before the end of the year. However, as usually comes to pass, the coin did not stick too long at this height, but instead, its price was rejected and it joined the bearish wave that took over the rest of the market.

The history of MATIC price

Polygon, formerly Matic, was launched back in May 2019, and immediately after launch, the coin had a price of $0.0035. However, over the next few weeks following its launch, the price kept surging higher and higher up, until it reached $0.029. In other words, its surge was stopped by a resistance at $0.03, forcing the coin to its largest support level at $0.01.

MATIC price reached this level in early August, and over the next four months, it kept fluctuating between this bottom and a resistance at $0.015. It finally managed to breach the resistance in late November 2019 and skyrocket once again, this time reaching an all-time high at $0.041. However, it crashed back down just as quickly as it climbed, once again dropping below $0.015. It then spent the entirety of 2020 fluctuating between $0.01 and $0.02, with a few attempts to breach this resistance, although not for long. Whenever it did, it crashed right back down to $0.01.

Finally, as the year ended, the coin started climbing again in a rally that would take it higher up than ever before.

MATIC in 2021

While Polygon’s price performance in the early days of 2021 was considered quite bullish at the time — after all, it exceeded its former ATH in less than a month after the year had started — all of this pales in comparison to its future progress.

The important thing to note is that MATIC price was gradually increasing between January 2021 and mid-May 2021. It started slow, but as time progressed, the price started climbing faster and faster. The coin took a month and a half to go from $0.018 to $0.1, but only 10 days to go from $0.1 to $0.2.

By mid-March, it reached a resistance at $0.5, and while this one did keep it from progressing until late April, the coin then took only a month to reach another ATH at $2.431. Following this milestone, the price corrected down to #1, only to skyrocket back up again, stopping just short of once again hitting its former ATH.

During the summer, MATIC price was mostly dropping, going from $2.3 in early June to the bottom at $0.6 by late July. However, from that point on, Polygon started seeing another surge, and while it was marked by plenty of minor ups and downs, the coin remained bullish in the long run. Between late July and late December, the coin climbed from the mentioned low at $0.6 to a brand-new all-time high at $2.92 as of December 27th, which was only two days ago.

This latest rally included most of the market, but while a lot of coins started dropping during Christmas, MATIC managed to continue its surge and reach its new ATH on Monday. From that point on, its price has been correcting until it dropped to $2.4 yesterday. What followed was a brief surge to $2.6 on December 28th, and then another 5% correction to its current price of $2.54.

However, while its price has been struggling recently, Polygon is still very much progressing in a bullish manner, and this latest dip might be just the opportunity that investors have been waiting for.

To learn more about this token visit our Investing in Polygon guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.