Polygon’s (MATIC) bloodbath continues as altcoin declines past crucial support

Polygon (MATIC) has been seeing a massive sell-off over the last few days. Although the general trend for the altcoin is still positive, MATIC has declined sharply and is past a very crucial support zone that could make losses even worse. But is there any hope of a possible rebound? Here are some highlights:

At the time of writing, MATIC was trading at around $1.83, nearly 15% down in intraday trading.

The altcoin had in fact tumbled below $1.7, a crucial support level, albeit it managed to regain those losses.

MATIC has also slid past its 200-day moving average, suggesting a rout is coming.

Data Source: Tradingview.com 

Polygon (MATIC) – Price action and analysis

Polygon (MATIC) was by far one of the top-performing altcoins in 2021. But after a dip in crypto this year, it has followed other coins in decline. At the time of writing, the coin had lost nearly 15% of its value in less than 24 hours. 

This came as a huge shock considering MATIC was actually on an uptrend, has reversed some of the losses seen at the start of the year. More seriously, the coin has also surged below its 200-day moving average, suggesting that a bearish trend could hold. 

If indeed MATIC is not able to break past $1.75 and sustain gains there, then it could head towards $1 in the near term.

Should you buy Polygon (MATIC)

The answer is yes. If you are keen on buying quality cryptos with some amazing underlying fundamentals, then you won’t find a better option than MATIC. In fact, this recent dip gives investors a good opportunity to grab it at a discount. It is highly likely that the altcoin will rebound and head back up. As for short-term plays, MATIC is just too risky.