Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99.
The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve’s hawkish policies.
MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year.
MATIC/USD weekly price chart. Source: TradingView
A previous retest of the $0.787-level in July 2021 and the 0.786 Fib line (near $0.61) of the Fibonacci retracement graph — drawn from the $0.002-swing low to 2.86-swing high — followed up with MATIC rising to its record high