{"id":548331,"date":"2023-08-22T08:35:32","date_gmt":"2023-08-22T08:35:32","guid":{"rendered":"https:\/\/wncen.com\/?p=548331"},"modified":"2024-06-11T10:23:41","modified_gmt":"2024-06-11T10:23:41","slug":"polygon-matic-at-june-lows-again-prospects-for-bullish-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-matic-at-june-lows-again-prospects-for-bullish-recovery\/","title":{"rendered":"Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery?"},"content":{"rendered":"

Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. The coin’s recent retracement to June lows has garnered significant attention from bullish investors, even as the broader crypto market remains hounded by uncertainties and price plunges.<\/span><\/p>\n

With the cryptocurrency market experiencing a notable downturn over the past week, Polygon’s native token, MATIC, has not escaped unscathed. <\/span><\/p>\n

The token’s value has witnessed a decline of nearly 19% over the span of seven days, further amplified by a 4% drop in the last 24 hours alone. The current <\/span>CoinGecko-listed price<\/span><\/a> stands at $0.547.<\/span><\/p>\n

\"\"<\/p>\n

MATIC price action today. Source: Coingecko<\/a><\/pre>\n
The present state of MATIC at $0.54 marks its lowest valuation this year, with year-to-date lows just shy of the June benchmark of $0.59. <\/span><\/p>\n
The recent downturn is closely linked to the broader market crash, during which Bitcoin suffered a plunge to $26,000, triggering nearly $2 billion in liquidations.<\/span><\/p>\n
Technical Indicators Signal Caution For MATIC<\/strong><\/h2>\n
Technical indicators<\/span><\/a> echo the prevailing bearish sentiment surrounding MATIC. The Relative Strength Index (RSI) notably retreated to the oversold territory on August 17th and continues to linger there.\u00a0<\/span>This persistent oversold condition underscores the ongoing selling pressure that has yet to abate.<\/span><\/p>\n
Related Reading: XRP Price At A Crossroad: Will $0.5 Support Trigger A Correction Shift?<\/a><\/div>\n
<\/p>\n
MATIC market cap at $5.1 billion today. Chart: TradingView.com<\/a><\/pre>\n
Similarly, the Chaikin Money Flow (CMF) has maintained a position below zero, indicating a subdued influx of capital. This trend accentuates the bearish outlook for MATIC in the spot market.<\/span><\/p>\n
Navigating The Road Ahead For Polygon<\/strong><\/h2>\n
Despite its recent dip, MATIC encountered a measure of stabilization at the bullish order block (OB) situated above the $0.50 level. <\/span><\/p>\n
Notably, this level aligns with the June lows, which have historically facilitated successful rebounds upon retesting. This downturn has visibly impacted investors, leading to growing losses in their portfolios.<\/span><\/p>\n
However, the overall strength of Bitcoin\u2014whose performance has been lackluster\u2014might potentially hinder MATIC’s ability to stage a robust recovery.<\/span><\/p>\n
\"\"<\/p>\n
MATIC seven-day price action. Source: CoinMarketCap<\/a><\/p>\n
Related Reading: Ordinals Sales In Freefall: 97% Decrease Sparks Worries About Bitcoin NFT\u2019s Extinction<\/a><\/div>\n
As the crypto market grapples with its recent setbacks, the <\/span>fate of MATIC<\/span><\/a> remains entwined with the broader industry trends. <\/span><\/p>\n
Investors are keenly watching for signs of a substantial reversal in MATIC’s fortunes, gauging whether it can successfully break free from the gravitational pull of the current market downtrend.<\/span><\/p>\n
In the midst of this challenging environment, MATIC enthusiasts and market analysts alike are closely monitoring the coin’s technical indicators and its ability to hold above the critical support level of $0.50. Only time will tell whether Polygon’s MATIC can weather the storm and reclaim its upward trajectory.<\/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 <\/span>Cointribune<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. The coin’s recent retracement to June lows has garnered significant attention from bullish investors, even as the broader crypto market remains hounded by uncertainties and price plunges. With the cryptocurrency market experiencing a notable downturn over the past week, Polygon’s native token, MATIC, has not escaped unscathed. The token’s value has witnessed a decline of nearly 19% over the span of seven days, further amplified by a 4% drop in the last 24 hours alone. The current CoinGecko-listed price stands at $0.547. MATIC price action today. Source: Coingecko The present state of MATIC at $0.54 marks its lowest valuation this year, with year-to-date lows just shy of the June benchmark of $0.59. The recent downturn is closely linked to the broader market crash, during which Bitcoin suffered a plunge to $26,000, triggering nearly $2 billion in liquidations. Technical Indicators Signal Caution For MATIC Technical indicators echo the prevailing bearish sentiment surrounding MATIC. The Relative Strength Index (RSI) notably retreated to the oversold territory on August 17th and continues to linger there.\u00a0This persistent oversold condition underscores the ongoing selling pressure that has yet to abate. Related Reading: XRP Price At A Crossroad: Will $0.5 Support Trigger A Correction Shift? MATIC market cap at $5.1 billion today. Chart: TradingView.com Similarly, the Chaikin Money Flow (CMF) has maintained a position below zero, indicating a subdued influx of capital. This trend accentuates the bearish outlook for MATIC in the spot market. Navigating The Road Ahead For Polygon Despite its recent dip, MATIC encountered a measure of stabilization at the bullish order block (OB) situated above the $0.50 level. Notably, this level aligns with the June lows, which have historically facilitated successful rebounds upon retesting. This downturn has visibly impacted investors, leading to growing losses in their portfolios. However, the overall strength of Bitcoin\u2014whose performance has been lackluster\u2014might potentially hinder MATIC’s ability to stage a robust recovery. MATIC seven-day price action. Source: CoinMarketCap Related Reading: Ordinals Sales In Freefall: 97% Decrease Sparks Worries About Bitcoin NFT\u2019s Extinction As the crypto market grapples with its recent setbacks, the fate of MATIC remains entwined with the broader industry trends. Investors are keenly watching for signs of a substantial reversal in MATIC’s fortunes, gauging whether it can successfully break free from the gravitational pull of the current market downtrend. In the midst of this challenging environment, MATIC enthusiasts and market analysts alike are closely monitoring the coin’s technical indicators and its ability to hold above the critical support level of $0.50. Only time will tell whether Polygon’s MATIC can weather the storm and reclaim its upward trajectory. (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 Cointribune<\/p>\n","protected":false},"author":557,"featured_media":548339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[142,1144,8686,86442,83584,4735],"class_list":["post-548331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-matic-price","tag-polygon","tag-price-action"],"acf":[],"yoast_head":"\nPolygon At June Lows Again - Prospects For Bullish Recovery?<\/title>\n<meta name=\"description\" content=\"Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. 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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 (MATIC) At June Lows Again – Prospects For Bullish Recovery?","url":"http:\/\/wncen.com\/news\/polygon-matic-at-june-lows-again-prospects-for-bullish-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/polygon-matic-at-june-lows-again-prospects-for-bullish-recovery\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-124.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-124.png?fit=750%2C443"},"articleSection":"All","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":"2023-08-22T08:35:32Z","datePublished":"2023-08-22T08:35:32Z","dateModified":"2024-06-11T10:23:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-at-june-lows-again-prospects-for-bullish-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-at-june-lows-again-prospects-for-bullish-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-124.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-124.png?fit=750%2C443\"},\"articleSection\":\"All\",\"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\":\"2023-08-22T08:35:32Z\",\"datePublished\":\"2023-08-22T08:35:32Z\",\"dateModified\":\"2024-06-11T10:23:41Z\"}<\/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\/08\/a-124.png?fit=750%2C443","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548331"}],"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=548331"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548339"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}