MATIC at Turning Point on 4-Hour Chart After Mini Rally
2022.07.16 13:00
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- MATIC’s price has hit a turning point on its 4-hour chart.
- CoinMarketCap shows that MATIC’s price has retraced over the last 24 hours.
- Following a healthy retracement, MATIC could look to target $1.
Ranked 15th on CoinMarketCap’s list of the biggest cryptos by market cap, Polygon (MATIC) saw a slight price drop over the last 24 hours, according to the crypto market tracker.
4-hour chart for MATIC/USDT (Source: CoinMarketCap)
On the 4-hour chart for MATIC/USDT, the price of MATIC hit a turning point after climbing from $0.5458 to $0.7096 before retracing down to $0.6859. After the retracement, MATIC’s price then looked to re-challenge the $0.7037 level but was unable to break above the level. This triggered a 3-candle downwards price move on the 4-hour chart.
Now that the price of MATIC has been unable to rise above the $0.7037 level and has begun pulling back, investors should brace for MATIC’s price potentially dropping to as low as $0.60. Should a bull move occur after the healthy retracement to above the $0.73 level, then the next target will be $1.
At the time of writing, MATIC’s price is at $0.6917 after slumping 0.56% over the past day. CoinMarketCap shows that MATIC’s price is also down 0.58% in the last hour as well. The bigger time frame looks more positive as MATIC’s price is still in the green by 16.98% over the past seven days.
The recent movement in MATIC’s price has taken the coin’s total market cap to $5.562 billion. This ranks it underneath 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 the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
