{"id":549817,"date":"2023-09-02T10:45:14","date_gmt":"2023-09-02T10:45:14","guid":{"rendered":"https:\/\/wncen.com\/?p=549817"},"modified":"2023-09-02T10:45:14","modified_gmt":"2023-09-02T10:45:14","slug":"polygon-matic-drops-below-crucial-level-will-sellers-exit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-matic-drops-below-crucial-level-will-sellers-exit\/","title":{"rendered":"Polygon (MATIC) Drops Below Crucial Level – Will Sellers Exit?"},"content":{"rendered":"

Polygon (MATIC), one of the prominent players in the cryptocurrency market, has faced a turbulent period as it lost its grip on the $0.60 mark, leaving investors and traders on edge.\u00a0<\/span><\/p>\n

As of the latest data available, MATIC was trading at $0.540840 on <\/span>CoinGecko<\/span><\/a>, reflecting a 1.4% slip in the past 24 hours and a 0.6% decline over the last seven days. This dip in price has sparked discussions about the coin’s immediate future.<\/span><\/p>\n

The cryptocurrency market has been characterized by considerable uncertainty, with Bitcoin (BTC), the bellwether of the industry, also grappling with price fluctuations. <\/span>Analysts suggest<\/span><\/a> that BTC might enter a narrow consolidation phase before establishing a clear direction in the coming week.\u00a0<\/span><\/p>\n

Given this backdrop, MATIC could follow suit by consolidating above the critical support level of $0.50 before attempting an upward move toward the 50-EMA (Exponential Moving Average) at either $0.60 or $0.65.<\/span><\/p>\n

Related Reading: BNB Price Forecast: Will It Break Through Resistance At $225?<\/a><\/div>\n
<\/div>\n
\"\"<\/div>\n
\n
MATIC seven-day price action. Source: Coingecko<\/a><\/pre>\n<\/div>\n
Polygon Key Chart Indicators Raise Concerns<\/strong><\/h2>\n
Technical indicators have painted a cautious picture for MATIC. The Relative Strength Index (RSI) remains in the lower range, signifying bearish momentum, while the Chaikin Money Flow (CMF) has struggled to breach the zero level, indicating limited capital inflows and heightened selling pressure. <\/span><\/p>\n
Additionally, the On-Balance Volume (OBV) has slightly dipped, further suggesting a waning demand for MATIC in the current market conditions.<\/span><\/p>\n
In the midst of this market turbulence, Polygon has made an intriguing proposition. In July, the project unveiled plans for a token upgrade aimed at enhancing the capabilities of MATIC holders within the Polygon ecosystem.\u00a0<\/span><\/p>\n
<\/p>\n
MATIC market cap currently at $5.6 billion. Chart: TradingView.com<\/a><\/pre>\n
Polygon’s Ambitious Proposal<\/strong><\/h2>\n
The proposal seeks to enable MATIC holders to validate transactions on multiple blockchain networks, potentially increasing their utility and influence. However, it’s important to note that this proposal is currently pending approval from the Polygon community.<\/span><\/p>\n
If this proposal receives the green light, it would mark a <\/span>significant shift for Polygon<\/span><\/a>, as the coin would transition from MATIC to POL. Such a transition could have far-reaching implications for both the Polygon network and its community of users, potentially influencing MATIC’s price dynamics in the long run.<\/span><\/p>\n
Related Reading:  The ApeCoin Quandary: Why Additional Losses Could Persist<\/a><\/div>\n
Polygon finds itself at a critical juncture amid the recent market turbulence. While the short-term outlook remains uncertain due to negative chart indicators and wavering demand, the potential token upgrade proposal from Polygon offers a glimmer of hope for MATIC holders.\u00a0<\/span><\/p>\n
As traders and investors closely monitor market developments, the path forward for MATIC will largely depend on broader market trends and the community’s decision regarding the proposed upgrade.<\/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>Bizz Buzz<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Polygon (MATIC), one of the prominent players in the cryptocurrency market, has faced a turbulent period as it lost its grip on the $0.60 mark, leaving investors and traders on edge.\u00a0 As of the latest data available, MATIC was trading at $0.540840 on CoinGecko, reflecting a 1.4% slip in the past 24 hours and a 0.6% decline over the last seven days. This dip in price has sparked discussions about the coin’s immediate future. The cryptocurrency market has been characterized by considerable uncertainty, with Bitcoin (BTC), the bellwether of the industry, also grappling with price fluctuations. Analysts suggest that BTC might enter a narrow consolidation phase before establishing a clear direction in the coming week.\u00a0 Given this backdrop, MATIC could follow suit by consolidating above the critical support level of $0.50 before attempting an upward move toward the 50-EMA (Exponential Moving Average) at either $0.60 or $0.65. Related Reading: BNB Price Forecast: Will It Break Through Resistance At $225? MATIC seven-day price action. Source: Coingecko Polygon Key Chart Indicators Raise Concerns Technical indicators have painted a cautious picture for MATIC. The Relative Strength Index (RSI) remains in the lower range, signifying bearish momentum, while the Chaikin Money Flow (CMF) has struggled to breach the zero level, indicating limited capital inflows and heightened selling pressure. Additionally, the On-Balance Volume (OBV) has slightly dipped, further suggesting a waning demand for MATIC in the current market conditions. In the midst of this market turbulence, Polygon has made an intriguing proposition. In July, the project unveiled plans for a token upgrade aimed at enhancing the capabilities of MATIC holders within the Polygon ecosystem.\u00a0 MATIC market cap currently at $5.6 billion. Chart: TradingView.com Polygon’s Ambitious Proposal The proposal seeks to enable MATIC holders to validate transactions on multiple blockchain networks, potentially increasing their utility and influence. However, it’s important to note that this proposal is currently pending approval from the Polygon community. If this proposal receives the green light, it would mark a significant shift for Polygon, as the coin would transition from MATIC to POL. Such a transition could have far-reaching implications for both the Polygon network and its community of users, potentially influencing MATIC’s price dynamics in the long run. Related Reading: The ApeCoin Quandary: Why Additional Losses Could Persist Polygon finds itself at a critical juncture amid the recent market turbulence. While the short-term outlook remains uncertain due to negative chart indicators and wavering demand, the potential token upgrade proposal from Polygon offers a glimmer of hope for MATIC holders.\u00a0 As traders and investors closely monitor market developments, the path forward for MATIC will largely depend on broader market trends and the community’s decision regarding the proposed upgrade. (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 Bizz Buzz<\/p>\n","protected":false},"author":557,"featured_media":549822,"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-549817","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 (MATIC) Drops Below Crucial Level - Will Sellers Exit?<\/title>\n<meta name=\"description\" content=\"Polygon (MATIC), one of the prominent players in the cryptocurrency market, has faced a turbulent period as it lost its grip on the $0.60 mark, leaving\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/polygon-matic-drops-below-crucial-level-will-sellers-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polygon (MATIC) Drops Below Crucial Level - 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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 (MATIC) Drops Below Crucial Level – Will Sellers Exit?","url":"http:\/\/wncen.com\/news\/polygon-matic-drops-below-crucial-level-will-sellers-exit\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/polygon-matic-drops-below-crucial-level-will-sellers-exit\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-6.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-6.png?fit=987%2C587"},"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":"2023-09-02T10:45:14Z","datePublished":"2023-09-02T10:45:14Z","dateModified":"2023-09-02T10:45:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon (MATIC) Drops Below Crucial Level – Will Sellers Exit?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-drops-below-crucial-level-will-sellers-exit\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-drops-below-crucial-level-will-sellers-exit\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-6.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-6.png?fit=987%2C587\"},\"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\":\"2023-09-02T10:45:14Z\",\"datePublished\":\"2023-09-02T10:45:14Z\",\"dateModified\":\"2023-09-02T10:45:14Z\"}<\/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\/09\/a-6.png?fit=987%2C587","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549817"}],"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=549817"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549822"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}