$MATIC Price Analysis: Will Dormant Wallets Trigger an Uptrend? - CoinPedia Analytics

Over the past year, Polygon’s cryptocurrency, MATIC, has dropped by at least 21.6%. This week alone, it has fallen 17.7%. MATIC reached a high of $1.2700 in mid-March but has been losing strength since then. After a sharp decline, the market has been moving sideways since mid-April.

MATIC kicked off 2024 with a positive start, closing at $1.0171 on January 1st. After a brief downturn, buyers regained control in late January, pushing the price up to $1.2711 by mid-March. Since then, sellers have dominated, causing a sharp drop and a sideways trend.

This month, on the 16th, the buyers attempted to regain control of the market. They dominated the market for at least 9 consecutive days, taking the price from $0.4010 to $0.5716. For the last couple of days, the market saw consecutive red candlesticks, indicating the return of the selling pressure. It is important to see whether the mark of $0.4010 will act as a support or not.