Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»BITCOIN NEWS»MATIC price drops 10% due to market downturn
BITCOIN NEWS

MATIC price drops 10% due to market downturn

By Crypto FlexsMarch 17, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
MATIC price drops 10% due to market downturn
Share
Facebook Twitter LinkedIn Pinterest Email

The value of MATIC, the native token of the Polygon network, has fallen significantly. The general cryptocurrency market continues to grapple with negative sentiment, falling more than 10% in the past week and more than 8% in less than 24 hours.

Fortunately, the latest on-chain analysis has revealed important levels for investors to watch out for following the recent MATIC price drop.

Over 10,900 addresses purchased 600 million Polygon tokens at this price.

According to a recent post on X by cryptocurrency expert Ali Martinez, the price of MATIC has established a key support line around the current price range. This assessment is based on on-chain data from analytics company IntoTheBlock, which tracks the average acquisition price of specific wallet addresses.

The distribution of the Polygon token supply across various price ranges | Source: Ali_charts/X

Above is a chart highlighted by Martinez showing the distribution of Polygon token supply across various price ranges. The size of the dots on the chart indicates how much of the coin was purchased at that price range.

Most notably, over 10,900 wallet addresses purchased a whopping 608 million MATIC in the $1.02 and $1.05 areas. According to cryptocurrency analysts, this massive buying activity has helped build important support around this price area.

#polygon It found significant support between $1.02 and $1.05 supported by 10,900 addresses holding about $608 million. #Matic. If this support weakens, the next essential demand zone will be near $0.91, with 35,700 addresses holding a total of $394.6 million. $MATIC. pic.twitter.com/rLn4ymcQf7

— Ali (@ali_charts) March 16, 2024

The large size of the dot reflects the strength of this particular level, but continued bearish pressure could push MATIC price below this support. In this case, investors could see the cryptocurrency price drop to around $0.91.

This makes the $0.89 and $0.92 price range another level to watch, as 35,680 wallet addresses purchased nearly 400 million Polygon tokens and then represents a vital support area.

MATIC Pricing Overview

At the time of writing, the price of MATIC is $1.04, down 8% in the last 24 hours. This price drop comes after the altcoin hit a multi-month high of $1.28 on Thursday, March 14.

According to data from CoinGecko, Polygon Coin has experienced a 9.7% price slump over the past seven days. But from a broader perspective, cryptocurrencies have had quite a positive performance over the past month.

With a market capitalization of over $9.7 billion, the MATIC token is the 18th largest cryptocurrency in its sector.

Matic

MATIC price finds support around $1.04 on the daily timeframe | Source: MATICUSDT chart on TradingView

Featured image by Getty Images, chart by TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Price prediction of BTC, ETH, XRP, BNB, SOL, DOGE, ADA, Sui, Hype, Link

June 4, 2025

Introduction to Krakeen Prime, a full -service prime brokerage for customer creepto customers

June 4, 2025

Bitcoin Conference 2025, Highlights in Las Vegas

June 3, 2025
Add A Comment

Comments are closed.

Recent Posts

Self -correction AI Work Floro Trade Capture Improvements

June 5, 2025

Lightchain AI rises to leading picks, and Litecoin is interested in legacy as interest is reduced.

June 5, 2025

Stablecoin issuer raises the IPO to more than $ 1 billion

June 5, 2025

Audio control improvement: Elevenlabs SP1 Soundboard Connection to MIDI controller

June 5, 2025

Cardi B’s WAP is moisturized again, and the top on chain detective

June 5, 2025

Nvidia

June 4, 2025

Bitcoin robbery is a trader after market rotation; ETH, DOGE LEAD majors

June 4, 2025

IP cooperation with the original ZEUS artist and trademark holders

June 4, 2025

DOW JONES wins Streak with weak growth and cost increases.

June 4, 2025

NVIDIA Blackwell achieves an improvement of 2.6x performance in MLPERF training v5.0.

June 4, 2025

NVIDIA MLPERF V5.0: Reproduces the educational score for LLM benchmarks

June 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Self -correction AI Work Floro Trade Capture Improvements

June 5, 2025

Lightchain AI rises to leading picks, and Litecoin is interested in legacy as interest is reduced.

June 5, 2025

Stablecoin issuer raises the IPO to more than $ 1 billion

June 5, 2025
Most Popular

MakerDAO: DAI supply recovers after brief decline in December

January 12, 2024

Exploring the strategic role of cryptocurrencies in the AI ​​revolution

October 22, 2024

BitTorrent Chain considers performance in 2023.

January 17, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.