Polygon (MATIC) At June Lows Again – Prospects For Bullish Recovery? By Orbit Brain August 22, 2023 0 142 views Polygon (MATIC) has entered a part of consolidation, hovering simply above the essential $0.50 mark. The coin’s current retracement to June lows has garnered vital consideration from bullish buyers, even because the broader crypto market stays hounded by uncertainties and value plunges.With the cryptocurrency market experiencing a notable downturn over the previous week, Polygon’s native token, MATIC, has not escaped unscathed. The token’s worth has witnessed a decline of almost 19% over the span of seven days, additional amplified by a 4% drop within the final 24 hours alone. The present CoinGecko-listed value stands at $0.547.MATIC value motion at the moment. Supply: CoingeckoThe current state of MATIC at $0.54 marks its lowest valuation this 12 months, with year-to-date lows simply shy of the June benchmark of $0.59. The current downturn is carefully linked to the broader market crash, throughout which Bitcoin suffered a plunge to $26,000, triggering almost $2 billion in liquidations.Technical Indicators Sign Warning For MATICTechnical indicators echo the prevailing bearish sentiment surrounding MATIC. The Relative Energy Index (RSI) notably retreated to the oversold territory on August 17th and continues to linger there. This persistent oversold situation underscores the continuing promoting stress that has but to abate.Associated Studying: XRP Value At A Crossroad: Will $0.5 Assist Set off A Correction Shift?MATIC market cap at $5.1 billion at the moment. Chart: TradingView.comEqually, the Chaikin Cash Circulate (CMF) has maintained a place under zero, indicating a subdued inflow of capital. This development accentuates the bearish outlook for MATIC within the spot market.Navigating The Highway Forward For PolygonRegardless of its current dip, MATIC encountered a measure of stabilization on the bullish order block (OB) located above the $0.50 stage. Notably, this stage aligns with the June lows, which have traditionally facilitated profitable rebounds upon retesting. This downturn has visibly impacted buyers, resulting in rising losses of their portfolios.Nonetheless, the general power of Bitcoin—whose efficiency has been lackluster—would possibly probably hinder MATIC’s potential to stage a strong restoration.MATIC seven-day value motion. Supply: CoinMarketCapAssociated Studying: Ordinals Gross sales In Freefall: 97% Lower Sparks Worries About Bitcoin NFT’s ExtinctionBecause the crypto market grapples with its current setbacks, the destiny of MATIC stays entwined with the broader trade developments. Buyers are keenly waiting for indicators of a considerable reversal in MATIC’s fortunes, gauging whether or not it might probably efficiently break away from the gravitational pull of the present market downtrend.Within the midst of this difficult setting, MATIC lovers and market analysts alike are carefully monitoring the coin’s technical indicators and its potential to carry above the vital help stage of $0.50. Solely time will inform whether or not Polygon’s MATIC can climate the storm and reclaim its upward trajectory.(This web site’s content material shouldn’t be construed as funding recommendation. Investing entails threat. Once you make investments, your capital is topic to threat).Featured picture from CointribuneShare this:FacebookXPrintEmailLinkedInRedditTwitterTumblrPinterestTelegramWhatsApp Orbit Brainhttps://orbitbrain.com/ Orbit Brain is the senior science writer and technology expert. Our aim provides the best information about technology and web development designing SEO graphics designing video animation tutorials and how to use software easy waysand much more. Like Best Service Latest Technology, Information Technology, Personal Tech Blogs, Technology Blog Topics, Technology Blogs For Students, Futurism Blog.
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