Polygon’s native cryptocurrency MATIC has been beneath extreme promoting stress not too long ago amid the broader market circumstances. The MATIC worth has continued to make decrease lows amid the falling channel sample.
As of press time, Polygon’s MATIC is buying and selling 1.75% up at a worth of $0.5583 with a market cap of $5.202 billion. It has given a bullish bounce again above its key help ranges of $0.53. However, if the MATIC worth drops beneath this help stage, it might expertise an almost 30% freefall to $0.40.
If #Polygon loses the $0.54 help — guarded by 3,770 addresses holding over 70 million $MATIC — it might freefall to $0.40! ⚠️ pic.twitter.com/040dv1Mb9P
— Ali (@ali_charts) August 28, 2023
Although the MATIC worth has bounced again from the help it’s unlikely to get a bullish momentum as it’s restricted by a descending triangle sample forming throughout the falling channel. This signifies that the bearish development is more likely to proceed going forward.
Furthermore, the MATIC worth is already a lot under the 50-day and 200-day shifting averages, at present at $0.67 and $0.90, respectively. The Relative Strength Index (RSI) displays a short-lived restoration from the oversold zone under the 30 threshold, at present standing at 28. This implies that regardless that important promoting stress persists, there are ongoing bullish makes an attempt to push the RSI above 30.
The stability between construction and momentum tilts in the direction of sellers on the decrease timeframes. To shift this bias, a worth motion above $0.571 can be essential. However, because of the prevailing bearish stress on greater timeframes, any upward motion is more likely to be temporary. Both the $0.56 stage and the honest worth hole (represented by the white space) at $0.6 are more likely to provide promoting alternatives upon a retest.
MATIC Active Addresses Tank
As of August 20, the Polygon community skilled its lowest variety of Active Addresses since May 7, 2023, with a depend of 182,370. However, by August 28, the depend had rebounded to 238,690 Active Addresses, approaching the degrees seen previous to the flash crash on August 17.
The Active Addresses metric compiles the every day depend of distinctive pockets addresses engaged in transactions. Furthermore, on August 28, Sandeep Nailwal, Co-Founder of Polygon, offered an replace relating to the deliberate transition from MATIC to the brand new POL Token. Notably, Sandeep detailed the seamless course of for customers emigrate to POL whereas retaining their staked MATIC rewards.
The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
