MATIC Technical Analysis Report | 21st-December-2023

The development focus is pivoting from Edge to CDK in Polygon’s toolkit for building and launching zero knowledge-powered Layer 2 chains. This shift aligns with the anticipated MATIC 2.0 upgrade, signalling strategic changes and integrations. However, this transition has led to investor concerns, reflecting a decline in the price of Matic. Analysts are anticipating a further decrease, with a projected value of $0.8350 by the end of 2023. The subdued market sentiment can be primarily attributed to uncertainties surrounding these strategic shifts in Polygon’s development approach.

At the time of writing, MATIC was trading at $0.7746.

MATIC Daily Thursday Chart-21st Dec 2023 — Polygon (MATIC) CHart

Matic after taking multiple supports at the key level of $ 0.5 witnessed a sharp rally and the prices surged up to $0.9831. The asset faced stiff resistance around $1, and it saw some profit booking at the highs, and the prices dropped to $0.7206. Currently, Matic is trading in a broad range from $0.95 to $0.75. Breakouts on either side of the range will further decide the trend for the asset.

Key Levels

Support 2	Support 1	Asset	Resistance 1	Resistance 2
$0.6	$0.75	MATIC	$1	$1.2

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