{"id":544553,"date":"2023-07-27T06:27:15","date_gmt":"2023-07-27T06:27:15","guid":{"rendered":"https:\/\/wncen.com\/?p=544553"},"modified":"2023-07-27T06:27:15","modified_gmt":"2023-07-27T06:27:15","slug":"polygon-warning-signs-point-to-a-slide","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-warning-signs-point-to-a-slide\/","title":{"rendered":"Polygon Warning Signs Point To Slide In MATIC Price On Support Breakdown"},"content":{"rendered":"

Polygon (MATIC) has been experiencing a mix of price action, with a 24-hour rally of 3.5% that hints at potential positive movement. However, the coin has suffered a 4.4% slump over the past seven days, indicating underlying bearish sentiments in the market.\u00a0<\/span><\/p>\n

Despite the short-term surge, the weekly time frame presents a negative outlook, primarily due to the failure to break through a long-term horizontal resistance. <\/span><\/p>\n

Adding to the bearish pressure, an ascending trendline has been broken, signaling a potential further decline in MATIC’s price.<\/span><\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/a><\/pre>\n
One of the significant factors contributing to MATIC’s current bearish scenario is its inability to surpass the significant\u00a0<\/span>resistance zone of around $0.80<\/span><\/a>. <\/span><\/p>\n
Related Reading: Litecoin Bulls Barrel Back Toward $92 Level \u2013 Will They Succeed?<\/a><\/div>\n
This area had been acting as a strong support level for the altcoin, providing stability during various price fluctuations. However, this support became a formidable resistance over the past two weeks, thwarting MATIC’s attempts to climb higher.<\/span><\/p>\n
Polygon (MATIC) Ascending Trendline Breakdown<\/strong><\/h2>\n
An ascending trendline is a sloping line that connects a series of ascending lows in an uptrend. It represents a rising level of support and is often used to gauge the strength of a bullish trend. <\/span><\/p>\n
The breakdown of this trendline indicates a shift in sentiment, suggesting that buyers are losing control and sellers are gaining momentum.<\/span><\/p>\n
<\/p>\n
MATIC market cap currently at $6.8 billion. Chart: TradingView.com<\/a><\/pre>\n
The breakdown of the ascending trendline sets the stage for a\u00a0<\/span>potential 22% drop in MATIC’s price<\/span><\/a>. If the coin fails to find strong support at lower levels, this decline could be the next crucial movement for the cryptocurrency. <\/span><\/p>\n
Traders and investors must closely monitor price action to determine if MATIC can stabilize or if further losses are on the horizon.<\/span><\/p>\n
Bear Trap Scenario And Bullish Recovery<\/strong><\/h2>\n
However, there is a glimmer of hope for MATIC’s price trajectory. If buyers can push the\u00a0<\/span>current price<\/span><\/a>\u00a0above $0.729221, it could invalidate the recent bearish breakdown.<\/span><\/p>\n
Related Reading: Binance Coin (BNB) Price Poised For A Major Breakout \u2013 Which Way Will It Go?<\/a><\/div>\n
This move could create a bear trap scenario, where traders anticipating a continued decline may be forced to cover their short positions, leading to a sudden surge in buying activity. If this scenario plays out, it could assist MATIC in initiating a bullish recovery.<\/span><\/p>\n
\"\"<\/p>\n
MATIC price movement in the last week. Source: CoinMarketCap<\/a><\/pre>\n
As an observer of the cryptocurrency market, it’s essential to acknowledge that the price of the MATIC token and other digital assets can be highly volatile and subject to various technical and fundamental factors. <\/span><\/p>\n
While the current price action may raise concerns for some investors, it’s essential to remember that market conditions can change rapidly.\u00a0<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from CoinChapter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Polygon (MATIC) has been experiencing a mix of price action, with a 24-hour rally of 3.5% that hints at potential positive movement. However, the coin has suffered a 4.4% slump over the past seven days, indicating underlying bearish sentiments in the market.\u00a0 Despite the short-term surge, the weekly time frame presents a negative outlook, primarily due to the failure to break through a long-term horizontal resistance. Adding to the bearish pressure, an ascending trendline has been broken, signaling a potential further decline in MATIC’s price. Source: Coingecko One of the significant factors contributing to MATIC’s current bearish scenario is its inability to surpass the significant\u00a0resistance zone of around $0.80. Related Reading: Litecoin Bulls Barrel Back Toward $92 Level \u2013 Will They Succeed? This area had been acting as a strong support level for the altcoin, providing stability during various price fluctuations. However, this support became a formidable resistance over the past two weeks, thwarting MATIC’s attempts to climb higher. Polygon (MATIC) Ascending Trendline Breakdown An ascending trendline is a sloping line that connects a series of ascending lows in an uptrend. It represents a rising level of support and is often used to gauge the strength of a bullish trend. The breakdown of this trendline indicates a shift in sentiment, suggesting that buyers are losing control and sellers are gaining momentum. MATIC market cap currently at $6.8 billion. Chart: TradingView.com The breakdown of the ascending trendline sets the stage for a\u00a0potential 22% drop in MATIC’s price. If the coin fails to find strong support at lower levels, this decline could be the next crucial movement for the cryptocurrency. Traders and investors must closely monitor price action to determine if MATIC can stabilize or if further losses are on the horizon. Bear Trap Scenario And Bullish Recovery However, there is a glimmer of hope for MATIC’s price trajectory. If buyers can push the\u00a0current price\u00a0above $0.729221, it could invalidate the recent bearish breakdown. Related Reading: Binance Coin (BNB) Price Poised For A Major Breakout \u2013 Which Way Will It Go? This move could create a bear trap scenario, where traders anticipating a continued decline may be forced to cover their short positions, leading to a sudden surge in buying activity. If this scenario plays out, it could assist MATIC in initiating a bullish recovery. MATIC price movement in the last week. Source: CoinMarketCap As an observer of the cryptocurrency market, it’s essential to acknowledge that the price of the MATIC token and other digital assets can be highly volatile and subject to various technical and fundamental factors. While the current price action may raise concerns for some investors, it’s essential to remember that market conditions can change rapidly.\u00a0 (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CoinChapter<\/p>\n","protected":false},"author":557,"featured_media":544559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,8686,86442,83584,4735],"class_list":["post-544553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-matic-price","tag-polygon","tag-price-action"],"acf":[],"yoast_head":"\nPolygon Warning Signs Point To A Slide In MATIC Price<\/title>\n<meta name=\"description\" content=\"Polygon (MATIC) has been experiencing a mix of price action, with a 24-hour rally of 3.5% that hints at potential positive movement. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Warning Signs Point To Slide In MATIC Price On Support Breakdown","url":"http:\/\/wncen.com\/news\/polygon-warning-signs-point-to-a-slide\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/polygon-warning-signs-point-to-a-slide\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-173.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-173.png?fit=658%2C469"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","matic price","polygon","price action"],"dateCreated":"2023-07-27T06:27:15Z","datePublished":"2023-07-27T06:27:15Z","dateModified":"2023-07-27T06:27:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Warning Signs Point To Slide In MATIC Price On Support Breakdown\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-warning-signs-point-to-a-slide\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-warning-signs-point-to-a-slide\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-173.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-173.png?fit=658%2C469\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"matic price\",\"polygon\",\"price action\"],\"dateCreated\":\"2023-07-27T06:27:15Z\",\"datePublished\":\"2023-07-27T06:27:15Z\",\"dateModified\":\"2023-07-27T06:27:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-173.png?fit=658%2C469","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544553"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544553"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544559"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}