{"id":605549,"date":"2024-04-29T11:00:38","date_gmt":"2024-04-29T11:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=605549"},"modified":"2024-07-12T06:09:13","modified_gmt":"2024-07-12T06:09:13","slug":"polygon-in-peril-will-matic-bounce-back-or-stay-stuck-in-the-sub-1-doldrums","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-in-peril-will-matic-bounce-back-or-stay-stuck-in-the-sub-1-doldrums\/","title":{"rendered":"Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums?"},"content":{"rendered":"

The fast scaling solution for Ethereum, Polygon (MATIC), has had an erratic ride this month. Following a savage price adjustment whereby MATIC fell almost 20%, a recent 24-hour rally has given the market some hope. But is this evidence of a complete recovery, or a brief respite before more loss?<\/span>
\n<\/span><\/p>\n

Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity?<\/a><\/div>\n

Polygon’s Price Plunge: A Reality Check<\/strong><\/h2>\n

Data from CoinMarketCap presents an ugly picture. Currently ranking at number 18, MATIC has been consistently declining<\/a> down the top 20 cryptocurrency list.<\/span> MATIC loses roughly a quarter of its value in the past 30 days, hence this fall corresponds with a notable price drop.
\n<\/span><\/p>\n

Classic sign of a bearish trend, analysts such as World of Charts highlight MATIC’s daily chart’s declining channel pattern.<\/span> MATIC must cross a critical obstacle\u2014the $0.77 resistance level\u2014if it is to have a real price rebound. Though the climb won’t be easy, a breakout above this area might set off a notable bull run to the $1 dollar level.<\/span>
\n<\/span><\/p>\n

\n

$Matic<\/a>#Matic<\/a> Still Nothing Has Changed Consolidating In Descending Channel Successful Breakout Can Lead Massive Bullish Wave In Coming Days https:\/\/t.co\/RBiSg4kaGb<\/a> pic.twitter.com\/fUwIbyW2hA<\/a><\/p>\n

\u2014 World Of Charts (@WorldOfCharts1) April 27, 2024<\/a><\/p><\/blockquote>\n

\"\"<\/h2>\n

Pulse On Investor Sentiment<\/strong><\/h2>\n

For Polygon bulls, the past 24 hours have given a sliver of hope.<\/span> Rising by five percent, the token price momentarily passed the $0.74 barrier. This increase corresponds with a change in the MVRV ratio, implying a growth in the count of lucrative MATIC investors.
\n<\/span><\/p>\n

Additionally, the bullish crossover on the MACD indicator hints at a potential increase in buying pressure. However, beneath the surface, some concerning trends remain.<\/p>\n

MATIC market cap currently at $6.8 billion. Chart: TradingView.com<\/a><\/pre>\n
Data indicates significant selling pressure on Polygon notwithstanding the recent price increase. The notable rise in the exchange inflow suggests investors shifting tokens onto exchanges\u2014often a prelude to selling.<\/span> MATIC’s supply on exchanges supports this tendency even more since supply kept outside of exchanges has dropped.
\n<\/span><\/p>\n
Related Reading: Render Revving Up: Analyst Predicts Potential Climb To $16<\/a><\/div>\n
Technical Indicators Paint A Mixed Picture<\/strong><\/h3>\n
Other technical indicators remain bearish even if the MACD presents some hope.<\/span> Reduced volatility shown by the Bollinger Bands can indicate either a further price decline or consolidation prior to a breakout. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) have shown downfalls, maybe indicating the end of the brief bull surge.<\/span>
\n<\/span><\/p>\n
Polygon’s Path Forward<\/strong><\/h3>\n
Though Polygon’s technical future is yet unknown, a total reversal is not unthinkable. MATIC might rise in response to ongoing good changes in the Polygon ecology as well as more general market recovery.<\/p>\n
Still, a consistent bull run depends on overcoming technical resistance and selling pressure levels. Before deciding what to invest in, investors should use prudence and attentively track changes in the market.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The fast scaling solution for Ethereum, Polygon (MATIC), has had an erratic ride this month. Following a savage price adjustment whereby MATIC fell almost 20%, a recent 24-hour rally has given the market some hope. But is this evidence of a complete recovery, or a brief respite before more loss? Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? Polygon’s Price Plunge: A Reality Check Data from CoinMarketCap presents an ugly picture. Currently ranking at number 18, MATIC has been consistently declining down the top 20 cryptocurrency list. MATIC loses roughly a quarter of its value in the past 30 days, hence this fall corresponds with a notable price drop. Classic sign of a bearish trend, analysts such as World of Charts highlight MATIC’s daily chart’s declining channel pattern. MATIC must cross a critical obstacle\u2014the $0.77 resistance level\u2014if it is to have a real price rebound. Though the climb won’t be easy, a breakout above this area might set off a notable bull run to the $1 dollar level. $Matic#Matic Still Nothing Has Changed Consolidating In Descending Channel Successful Breakout Can Lead Massive Bullish Wave In Coming Days https:\/\/t.co\/RBiSg4kaGb pic.twitter.com\/fUwIbyW2hA \u2014 World Of Charts (@WorldOfCharts1) April 27, 2024 Pulse On Investor Sentiment For Polygon bulls, the past 24 hours have given a sliver of hope. Rising by five percent, the token price momentarily passed the $0.74 barrier. This increase corresponds with a change in the MVRV ratio, implying a growth in the count of lucrative MATIC investors. Additionally, the bullish crossover on the MACD indicator hints at a potential increase in buying pressure. However, beneath the surface, some concerning trends remain. MATIC market cap currently at $6.8 billion. Chart: TradingView.com Data indicates significant selling pressure on Polygon notwithstanding the recent price increase. The notable rise in the exchange inflow suggests investors shifting tokens onto exchanges\u2014often a prelude to selling. MATIC’s supply on exchanges supports this tendency even more since supply kept outside of exchanges has dropped. Related Reading: Render Revving Up: Analyst Predicts Potential Climb To $16 Technical Indicators Paint A Mixed Picture Other technical indicators remain bearish even if the MACD presents some hope. Reduced volatility shown by the Bollinger Bands can indicate either a further price decline or consolidation prior to a breakout. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) have shown downfalls, maybe indicating the end of the brief bull surge. Polygon’s Path Forward Though Polygon’s technical future is yet unknown, a total reversal is not unthinkable. MATIC might rise in response to ongoing good changes in the Polygon ecology as well as more general market recovery. Still, a consistent bull run depends on overcoming technical resistance and selling pressure levels. Before deciding what to invest in, investors should use prudence and attentively track changes in the market. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":605560,"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":[134,6664,40670,83584,3505],"class_list":["post-605549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-crypto","tag-matic","tag-polygon","tag-price-analysis"],"acf":[],"yoast_head":"\nPolygon In Peril: Will MATIC Stay Stuck In The Sub-$1 Doldrums?<\/title>\n<meta name=\"description\" content=\"The fast scaling solution for Ethereum, Polygon (MATIC), has had an erratic ride this month. 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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. 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