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

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

 

Polygon (MATIC) has had a tumultuous few days. The coin’s price has risen dramatically in the previous ten days, hitting a new all-time high less than a week before the end of the year. However, as is frequently the case, the coin’s price was rejected, and it joined the negative wave that had taken over the rest of the market.

The MATIC price has a long and illustrious history.

Polygon, previously Matic, was released in May 2019 at a price of $0.0035 at the time of debut. However, during the next several weeks after its inception, the price continued to rise, eventually reaching $0.029. In other words, a barrier at $0.03 halted the coin’s rise, driving it to its highest support level at $0.01.

MATIC price struck this level in early August, and it fluctuated between this bottom and a resistance at $0.015, over the following four months. Late November 2019 saw it eventually break through the barrier and rise once again, this time to an all-time high of $0.041. However, it plummeted almost as swiftly as it had risen, plunging down below $0.015. It subsequently spent the rest of 2020 bouncing between $0.01 and $0.02, with a few brief efforts to break through this barrier. Whenever it did, it immediately dropped to $0.01.

Finally, as the year came to a close, the coin began to rise in a rally that would take it higher than it had ever been before.

MATIC in the year 2021

While Polygon’s price performance in the early days of 2021 was deemed optimistic at the time — after all, it surpassed its previous ATH less than a month after the year began — all of that pales in contrast to its future success.

The crucial thing to remember is that between January 2021 and mid-May 2021, the MATIC price progressively increased. It started slowly, but as time went on, the price began to rise at a quicker and faster rate. It took a month and a half for the currency to rise from $0.018 to $0.1, but just ten days for it to rise from $0.1 to $0.2.

It hit a resistance around $0.5 in mid-March, and although this held it back until late April, the currency only needed a month to achieve another all-time high at $2.431. Following this milestone, the price dropped to #1, only to soar back up to its previous high, halting just short of its previous ATH.

The price of MATIC fell steadily over the summer, from $2.3 in early June to $0.6 in late July. However, Polygon began to see another spike after that, and although there were many little ups and downs along the way, the currency stayed bullish in the long term. Between late July and late December, the currency rose from its previous low of $0.6 to a new all-time high of $2.92 on December 27th, only two days ago.

The majority of the market participated in this recent rise, but although many currencies began to fall over the holidays, MATIC was able to maintain its momentum and achieve a new all-time high on Monday. Its price has been correcting since then, with the most recent decline being to $2.4 yesterday. Following that, on December 28th, there was a short rally to $2.6 before a 5% drop to its current price of $2.54.

Despite the fact that its stock has been suffering lately, Polygon is still moving in a positive direction, and this current slump might be the perfect chance for investors.

Visit our Investing in Polygon guide to learn more about this coin.

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