Polygon (MATIC) Keeps Going Down Despite Bullish News, Buy The Dip?
27 April 2023 - 12:20PM
NEWSBTC
The Polygon (MATIC) price is currently at a crucial moment. Despite
bullish news, MATIC has been in a downtrend since mid-February.
After retesting the March 10 low yesterday, the price is at a
turning point. According to data from on-chain data provider
IntoTheBlock, Polygon token holders in profit fell to 34% this
week. This is the lowest level since February. Therefore, analyst
@CryptoTheBeast_ raises the question whether MATIC will turn around
here or continue its downward trajectory? According to
@intotheblock data, $MATIC holders in profit reached down to 34%
this week, which is the lowest it has been since February. Will
$MATIC turn around here or will it keep going down?
pic.twitter.com/Pbu5KQjb5d — Crypto ₿east (@CryptoTheBeast_) April
27, 2023 MATIC Price Needs Quick Reversal The 1-day chart of MATIC
reveals that MATIC lost the “bull line”, the 200-day Exponential
Moving Average (EMA) last Thursday. The indicator served as
Polygon’s key support on March 10 and again in late March this
year. Since breaking below the 200-day EMA, currently at $1.0521,
MATIC failed to rise above it. If there is no timely recovery and
another rejection (like yesterday), MATIC could fall towards the
support level at $0.81. Related Reading: MATIC Price Prediction:
Polygon Recovery Faces Many Hurdles However, with an RSI of 35 on
the 1-day chart, MATIC is near oversold territory. So, this price
could be the biggest pain for now. On the other hand, regaining the
200-day EMA could avoid this scenario. As then, the 23.6% Fibonacci
level at $1.09 is expected to come into focus. A dynamic move above
this area would open the possibility for a rise towards the 38.2%
Fibonacci level at $1.185. In this area at the latest, greater
selling pressure from the bears can be expected. Afterwards, the
next target of great importance is the 50% Fibonacci level at
$1.25. In mid-March, MATIC got rejected at this level and thus
failed to achieve a reversal towards the February high. Bullish
News For Polygon Nonetheless, there is no shortage of bullish news
for Polygon at the moment. Traditional finance giant Franklin
Templeton announced yesterday that it will be experimenting with
Polygon. The company has launched the OnChain US Government Money
Fund on the layer-2 blockchain. Related Reading: Polygon Exchange
Supply Spikes, More Downtrend Incoming? Franklin Templeton is one
of the world’s largest asset managers, alongside BlackRock, with
$1.4 trillion in assets under management (AUM). The Nasdaq-listed
mutual fund is the first fund registered in the U.S. to use a
public blockchain. This allows transactions to be processed and
ownership to be recorded transparently, according to a press
release. A share of the fund is represented by the BENJI token,
which investors can manage via a wallet app. In other news, Polygon
Labs and Google Cloud announced a program for Web3 startups on
Tuesday. The blockchain project wrote via Twitter that it has
teamed up with Google Cloud to help Web3 projects and startups. Up
to $3 million will be allocated for this purpose from the Polygon
Ventures Ecosystem Fund. 🫱🏾🫲🏼 We're joining @googlecloud to help
Web3 projects and startups grow with access to:✅ Up to $3M USD in
investments from the Polygon Ventures Ecosystem Fund✅ Priority
Reviews✅ All Polygon Venture benefits ☁️✨https://t.co/wFhIb9af7n
https://t.co/hJGKZivbOQ — Polygon (Labs) (@0xPolygonLabs) April 25,
2023 Featured image from The Economic Times, chart from
TradingView.com
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