Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery?
22 August 2023 - 10:35AM
NEWSBTC
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. This 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—whose performance has been lackluster—might 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’s
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
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