MATIC Price Analysis: What’s Next for MATIC Price? Polygon Flips Dogecoin as Eight-Largest Cryptocurrency

• Polygon (MATIC) is down 1.02% in the last 24 hours at $1.22
• Polygon has flipped Dogecoin to rank as eight largest cryptocurrency
• Polygon ID, announced last March, is now available under an open-source license to the public

Polygon (MATIC) is down 1.02% in the last 24 hours at $1.22. With a market cap of $10.7 billion, Polygon has flipped Dogecoin to rank as the eighth largest cryptocurrency. Polygon ID’s open-source identity infrastructure unlocks passwordless login, verifiable proof-of-uniqueness, reusable KYC, and instant onboarding use cases for web3 developers. Polygon ID’s open-source, ZK-based solution is also the first decentralized identity solution to allow verification of verifiable credentials on-chain using ZK technology. Using Polygon ID, developers can help protect user information and comply with DID standards. Polygon ID, announced last March, is now available under an open source license to the public and is fully self-service—using the Polygon ID infrastructure stack, anyone can become an issuer (e.g., KYC providers, DAOs, etc.), verifier (e.g, dApps), or holder (i.e, users) of a Web3 identity. In related news, the audit-upgraded testnet for Polygon zkEVM is live.

Key Levels
Resistance Levels: $1.50, $1.40, $1.30
Support Levels: $1.15, $1.00, $0.90

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

The price of MATIC/USD made an attempt to climb back up on the prior day but failed, falling lower to oscillate around the $1.20 mark. Following the losses, MATIC has had a difficult time fending off bearish influences. The pair might resort to trading sideways inside a predetermined range even though the drop appeared to have stopped above the daily moving average (MA 50).

It is noteworthy that the daily relative strength index (RSI) has been reaching lower and moving against the market direction since the beginning of the month. That resembles a bearish divergence, which signals that the bulls are out of steam. But, if the pair can establish support at the $1.150 mark, the bulls may attempt to push higher.

MATIC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

At now, the short-term forecast for MATIC/USD is uncertain. Sellers seek to continue to hold the upper hand unless the price corrects above the $1.300 mark and the 4-hour moving averages (MA 50 & MA 200). MATIC price was able to hold its support around $1.181 while avoiding the next closest support area at $1.150.

The buyers’ attempts over $1.300 and the sellers’ struggle to push prices down indicate that things might be looking up. Without a more definitive direction signal and with the outlook remaining uncertain, price movement is still within a consolidation zone above the $1.150 low. Although MATIC has received support since January 2023, it may be at a crucial level as it attempts to rediscover its rhythm.

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