Polygon (MATIC) has bucked the trend among major altcoins this year, witnessing a rare negative price performance since January 1.
The cryptocurrency’s value has plummeted due to factors such as delistings prompted by US Securities and Exchange Commission (SEC) scrutiny and the recent broader market downturn. This downturn has put Polygon’s resilience to the test, highlighting the challenges altcoins can face in a volatile market.
MATIC facing potential 27% downside
Furthermore, the extended decline in MATIC’s price has raised concerns about its susceptibility to further drops, crypto analyst Ali Martinez stressed on August 28.
Currently hovering slightly above the pivotal support at $0.54, a breach of this level might expose Polygon to additional risks, potentially leading to a descent towards the $0.40 mark, implying a possible downside of more than 27%.
According to Martinez, this vital support at $0.40 is currently being “guarded by 3,770 addresses holding over 70 million
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