BitMEX Delists MATICUSDT and MATIC/USDT Amid Polygon Migration

BitMEX delists MATICUSDT and MATIC/USDT pairs following the MATIC to POL migration on Polygon. (Read More)

View Details

Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears

The Polygon (MATIC) price has suffered crash after crash in recent months, pushing it down to levels not seen since June 2022. This price crash has led to an 86.27% drop from it all-time high price of $2.92 recorded back in 2021. However, positive sentiment is slowly starting to creep up among Polygon investors who have struggled with losses for the better part of the year, especially as one crypto analyst has predicted a revival for the altcoin. Polygon On Its Way To A Revival Crypto analyst CobraVanguard has pointed out a bullish formation on the Polygon (MATIC) chart that could send the price flying from here. This formation known as the Ascending Triangle pattern has appeared at a time when investors seem to have given up hope on the altcoin. Related Reading: Uptober Is Just Around The Corner: Heres Where Bitcoin Price Is Headed According to the chart shared on TradingView, the Ascending Triangle began back in the month of August. Mainly, the formation was first picked up as the price crashed alongside the crypto market toward the end of the bearish month of August. This formation continued into the month of September as prices had begun to recover once more. Not only has the bullish Ascending Triangle formed on the Polygon chart, the crypto analyst points out that this is taking place inside of a Broadening Wedge pattern. This is important because a Broadening Wedge pattern is equally as bullish for the altcoins price. Naturally, when the Polygon price starts to recover inside the Broadening Wedge, it is expected to reach all the way to the top of the pattern. The first target for this bullish recovery is $0.4671, which is an increase of around 15% from here. The next target is $0.5442. Finally, as the Polygon price moves to completely fill in the Broadening Wedge, the crypto analyst expects the price to hit $0.6821. A breakout from here would no doubt be a welcome development for Polygon investors, 95% of whom are currently sitting in losses. According to data from IntoTheBlock, only 3% of wallets holding MATIC tokens are in profit, while 2% are sitting at breakeven. This makes it one of the worst altcoins in terms of profitability so far this year. MATIC Becomes POL Earlier in the month, on September 4, the Polygon network team carried a successful migration that converted MATIC tokens to POL. POL is purported to be a hyper productive token which is expected to help move the Polygon network forward. Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone Despite the anticipation that followed the migration, the POL (formerly MATIC) token has failed to move in a positive way. The price is only up around 5% from its $0.38 price at the time of the migration, showing that the migration had little effect on the price. However, expectations remain high for the altcoin as investors expect the fact that the POL token is now an altcoin with a whole new chart, and no much price history, to be one of the things that propels its recovery next. Featured image created with Dall.E, chart from Tradingview.com

View Details

Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst

Polygon (MATIC) stands as one of the top performers in today’s crypto market, ranking third among the top-100 cryptocurrencies by market cap as of August 21. With a gain of 9% within the last 24 hours, the MATIC price recent surge is outpaced only by the Justin Sun associated crypto assets, TRON (+12%) and BitTorrent [...]

The post Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst appeared first on Crypto Breaking News.

View Details

Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.  Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.  The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.  Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.  Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygons recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.  At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com

View Details

MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%?

MATIC, the native token of the Ethereum sidechain Polygon, has had it rough in the past five months. After soaring above $1.2 in March, the token has been in freefall, dumping over 65%. For now, MATIC faces strong rejection at $0.45 and continues to distribute, which is evident in the daily chart. The lull across the crypto scene and shrinking activity in DeFi means Polygon is on the receiving end. Despite these market-related challenges, there is a silver lining for MATIC holders. The Rebranding Of MATIC To Polygon Polygon is evolving, and after the rebranding from the Matic Network, MATIC, the native token, will be relaunched as POL. This highly anticipated upgrade is set for September 4, 2024. Related Reading: Crypto Analyst Unveils Six Super-Cycle Tokens Primed For Massive 1000x Price Explosion The rebranding will be a pivotal shift for Polygon, making a stage in which the platform introduces new utilities to POL as they look to grow and further innovate, primarily by scaling Ethereum. In a post on X, Polygon said various changes would accompany the rebranding. If anything, the team plans to overhaul the current utility in MATIC and repurpose it to meet the needs of their grand plans from now on. After September 4, Polygon said POL would serve as an autonomous fuel, a change that could also support prices. Under the new arrangement, POL will be crucial for ensuring Polygon is secure. The token will be distributed to validators as a reward for committing resources. The steady stream of rewards, Polygon said, would incentivize validators to commit even more resources. At the same time, a portion of POL will be channeled to the Community Treasury. The funds will be used to super-charge development and research, with some allocated to the ecosystem initiatives. The Grants Program And Polygon 2.0: Will It Revive Demand? Polygon has activated the Community Grants program, dedicating 100 million POL per year for the next decade to spur development in the ecosystem. The objective is to catalyze growth and ensure the platform is secure. Related Reading: Is Dogecoin (DOGE) Headed For A 40% Slide? This Analyst Thinks So The effort is part of the Polygon 2.0 roadmap, which aims to scale Ethereum further using zero-knowledge technology. Platforms launching as Ethereum layer-2s using the Polygon development stack will also receive liquidity from a unified source. At the same time, they will be interoperable with other layer-2s using the same stack since they are connected via the Aggregation Layer. Despite all these efforts, only time will tell whether MATIC will inch higher. The local resistance is at $0.45. If broken, the token must be more than 2X before reclaiming March highs. Feature image from iStock, chart from TradingView

View Details

MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels

MATIC, Polygons native token, recently suffered a significant price decline amid a broader market downturn. The token dropped over 20% in the past month, reaching its lowest price level in two years. As the market recovers, some analysts have made a bullish case for the token but warned of a key level to watch. MATIC [...]

The post MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels appeared first on Crypto Breaking News.

View Details

Polygon Ecosystem On Fire: Daily Active Addresses And Transactions Soar, MATIC Gains 5%

Layer 2 scaling solution Polygon has maintained strong network activity even as the broader cryptocurrency market and its native token, MATIC, experienced a downturn in the second quarter of 2024, according to a new report from market intelligence platform Messari. Polygon Weathers Crypto Market Downturn While MATIC saw a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, placing it as the 20th largest crypto asset (currently at the 26th position), the protocol’s on-chain metrics remained strong.  This is in contrast to larger cryptocurrencies such as Bitcoin and Ethereum, which saw their market capitalization decline by 12% and 6%, respectively, over the same period. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? The key driver behind Polygon’s stability in network performance during the second quarter of the year, according to Messari, was the implementation of Ethereum Improvement Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024.  This upgrade, which introduced “blobs” to the network, significantly reduced the average transaction fee on Polygon from $0.017 to just $0.01, resulting in a decrease of 41.1%. As a result, Polygon’s revenue derived from network transaction fees fell 40.6% to $4 million in Q2 2024. However, this drop was not due to a decrease in user activity, but rather the lower fees enabled by EIP-4844. In fact, Polygon’s user metrics continued to soar, with the protocol seeing strong growth across several key indicators.  On-Chain Activity And Ecosystem Growth According to the report, the average number of daily active addresses climbed to 1.2 million, a 47.6% increase quarter-over-quarter (QoQ). The average number of daily returning addresses rose even more, up 50.5% to 1 million. Moreover, new addresses being added to the network grew by 31.7% to 167,800 per day on average. The report also notes that Polygon’s transaction volume also held steady, averaging 4.1 million daily transactions, just below its all-time high and representing a 3.9% increase from the prior quarter.  In comparison, fellow Layer 2 networks Arbitrum (ARB) and Base saw average daily active addresses of 545,000 and 528,000 respectively. Related Reading: Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10? While Polygon’s decentralized finance (DeFi) total value locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s price rather than a net outflow of capital. Messari reported that TVL denominated in MATIC actually increased by 38.1% to 1.8 billion tokens. However, DeFi protocols on Polygon saw mixed results, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL ranging from 13% to 25%. Quickswap saw the largest drop at 35%. Lastly, Polygon’s non-fungible token (NFT) market also remained stable, with average daily NFT volume dipping slightly by 5.7% to $1.8 million. However, the number of daily NFT sales actually increased by 1.8% to 52,000, underscoring ongoing collector interest. At the time of writing, MATIC has experienced a mere 5% increase to a trading price of $0.512, after hitting a 2-year low of $0.428 on July 5th.  Coupled with this worrying price action, the token has seen a 30% decrease in trading volume over the past few days, amounting to $197 million, according to CoinGecko data. All of this has resulted in an 82% difference to MATIC’s all-time high of $2.91, which was set during the 2021 bull run.  Featured image from Shutterstock, chart from TradingView.com

View Details

Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygons MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says Think Bigger, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.  Featured image created with Dall.E, chart from Tradingview.com

View Details

MATIC Targets $0.5030 As Bearish Pressure Halts Recent Uptrend

Recent trading activities have caused the price of MATIC to slide, targeting the $0.5030 mark, following a period of strong upward momentum disrupted by bearish pressure. This sudden drop, driven by increasing bearish sentiment in the market, has sparked speculation among traders and investors about whether the $0.5030 support level will hold or if further declines are imminent. As the bearish sentiment around MATIC continues to build, this article seeks to analyze its current price movements and the technical indicators that suggest a sustained decline. The goal is to provide readers with a comprehensive understanding of MATIC’s potential future trajectory. MATIC’s price was trading at approximately $0.511 and was down by 3.93% with a market capitalization of over $5 billion and a trading volume of over $250 million as of the time of writing. Its market capitalization and trading volume have decreased by 3.88% and 20.31% in the last 24 hours. Market Overview: MATIC Recent Performance And Current Slide On the 4-hour chart, MATIC shows an active bearish trend and is currently moving below the 100-day Simple Moving Average (SMA) toward the $0.5030 support level. It’s noteworthy that MATIC had previously attempted a bullish correction but was halted at $0.5673. The 4-hour Composite Trend Oscillator indicates that MATIC may continue its bearish movement toward the $0.5030 mark, as the signal line has crossed below the SMA of the indicator, with both lines currently attempting a move below the zero line. On the 1-day chart, MATIC has experienced a three-day uninterrupted bearish move toward the $0.5030 support level, trading below the 100-day SMA. If this bearish momentum continues, the digital asset could drop below $0.5030, extending its downward trend. Finally, the 1-day composite trend oscillator indicates that MATIC’s price is likely to continue its current bearish trend, as the signal line is attempting to cross below the SMA of the indicator and move back into the oversold zone. Future Outlook: Potential Scenarios For MATICs Price Movement MATICs current price action suggests that the coin is on the verge of extending its bearish move, with $0.5030 as a crucial point to look out for. If the price reaches this level and breaks below, it could ignite a decline toward the $0.3132 support range. When this level is breached, the crypto asset may experience a further price decrease toward other lower levels. However, should MATIC face rejection at the $0.5030 level, it may start to ascend again toward the $0.9488 resistance level. It could further experience additional price gains, potentially challenging the $1.096 mark and other higher levels if the $0.9488 resistance is breached. Featured image from Adobe Stock, chart from Tradingview.com

View Details

Polygon Announces Date For MATIC To POL Token Upgrade, Price Drops 7%

On Thursday, the Polygon Foundation announced the date for its upcoming MATIC to POL upgrade after reaching a community consensus. The long-awaited token migration will occur in less than two months and aims to kickstart Polygons native token expansion. MATIC saw a 7% drop following the news. Save The Date: Polygon Token Upgrade Coming Soon [...]

The post Polygon Announces Date For MATIC To POL Token Upgrade, Price Drops 7% appeared first on Crypto Breaking News.

View Details

MATIC Price Tests 8-Month Support As Polygon Unveils New Governance Hub

Polygon’s native token, MATIC, has experienced a notable disparity compared to the broader cryptocurrency market. Unlike the top cryptocurrencies that have posted double-digit gains year-to-date, MATIC has failed to post positive performance across all time frames since the 2021 bull run. Adding to the concern, MATIC’s price has recorded losses amounting to 16.5% over the past seven days. This downward trend has prompted the token to test a crucial macro support level, raising questions about its future trajectory. Amid these developments, Polygon has announced a strategic partnership with Aragon, a developer of decentralized autonomous organizations, to introduce a “governance hub” for the Polygon community.  Simplified Governance Hub For Polygon?  According to a recent blog post by the Layer 2 solution protocol, the governance hub is designed to empower users and builders, allowing them to influence the core development of Polygon’s technology. The hub will reportedly be developed in phases in collaboration with Aragon to ensure that community feedback is incorporated to create a decentralized platform that aligns with community values. Related Reading: Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull The governance hub will feature a unified interface for two essential pillars of Polygon’s governance: protocol and system smart contract governance.  The hub seeks to increase transparency and encourage greater community participation in protocol governance. As for system smart contract governance, it introduces an upgraded framework that prioritizes structured decision-making processes while maintaining transparency and safety. In addition, Aragon will leverage its expertise to build the Polygon Governance Hub using Aragon OSx. This tool enables the construction of customized on-chain governance solutions that can be adapted over time through a modular plugin-based architecture. Polygon stated in its announcement:  Polygon, and all related network architecture, needs flexible, transparent, and future-proof governance mechanisms and tooling. The Polygon Governance Hub is central to achieving this.  MATIC Market Capitalization Drops Dramatically Despite the developers’ focus on community governance within the Polygon ecosystem, key metrics indicate a consistent decline in the MATIC token’s price over the past year. For instance, the token’s market capitalization has experienced a significant drop, plummeting nearly 50% in just three months. In March, it was valued at $9.9 billion, whereas it is currently valued at $5.6 billion. This decline suggests a potential capital shift towards other large-cap tokens or profit-taking activities. Furthermore, MATIC’s trading volume has also seen a notable decrease of approximately 18% in the past 24 hours, according to CoinGecko data. The trading volume now stands at a mere $293 million. Moreover, MATIC has witnessed a substantial 80% decline from its all-time high of $2.92 in December 2021. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Presently, the token faces a critical test at an 8-month support level, as depicted in the MATIC/USD daily chart below, with its current trading price at $0.5982. Should the price continue to decline without a significant catalyst to drive an upward trend and price recovery, attention should be paid to the next support level at $0.5700. The future trajectory of the MATIC price remains uncertain, and it remains to be seen whether further downside movement is in store or if a bounce at the current support level will materialize, offering potential opportunities for bullish investors. Featured image from DALL-E, chart from TradingView.com

View Details

MATIC Bullish Signals Abound: Technical Indicators Hint At Sustained Uptrend

MATIC is the native utility token of the Polygon blockchain and it is currently ranked 18th by market cap, with a total supply of 10 billion MATIC and a total trading volume of over $204 million in the last 24 hours. It has been moving upward since its last rejection at a $0.6342 support level.   Following the recent bullish trend of the crypto market, MATIC has not been left behind as the price has been on an uptrend with very strong momentum for a while now. Since its last rejection point, MATIC has seen a price reversal of over 10%. Technical Indicators Point Toward Sustained Uptrend For MATIC To figure out where MATICs price might be headed next, several indicators can be used to examine the chart; 1-Day MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. 1-Day RSI: the formation of the Relative Strength Index (RSI) in the above image also suggests an upward movement as the RSI signal line is seen moving toward the 50% level. This indicates that buyers are gradually becoming active in the market therefore overpowering the strength of sellers. 4-hour Alligator: A look at the alligator indicator from the 4-hour time frame shows that the crypto asset is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might continue to move in an upward direction. Potential Price Movement From the previous downward movement, the price of MATIC has managed to create one major resistance level of $0.7365 and one major support level of $0.6324. Currently, MATIC is moving toward this resistance level and if it breaks above this level, it might go even further to test the next resistance level of $0.7680.  However, if it fails to break above this major resistance, it will reverse and start a downward movement toward its previous support. Also, if it manages to break below this support level, the price might move further downward thereby continuing on its downtrend. As of the time of writing the price of MATIC was trading around $0.7253 and about -0.94% down in the last 24 hour Featured image from Shutterstock, chart from Tradingview.com

View Details

MATIC In Consolidation: Key Price Levels To Watch After A Breakout

For a while now, the price of MATIC has been in a consolidation zone, moving between $0.7730 and $0.6233,  forming a bearing triangle flag in the process. This is a result of the drop from its high of $0.9288 that happened days ago which led to MATIC dropping by over 25%.  Although the price of MATIC is still consolidating, it is building up momentum for a potential breakout. So taking a trade at this point is not advisable until a breakout occurs which can be either above the consolidation zone or below it. In this article, we will dive into the possible price actions when a potential breakout from the consolidation occurs. Lately, MATIC’s price and market cap have dropped, suggesting that the bulls may be waiting out this spike. As of the time of writing, MATICs price was down by 2.97%, trading around $0,6926 below the 100-day Simple Moving Average (SMA) in the last 24 hours. Its market capitalization has decreased by over 5% in the past day to $6.91 billion. Meanwhile, its trading volume has risen to $374 million, indicating a more than 1% increase in the past day. MATIC On The 4-hour Chart Looking at the 4-hour timeframe chart, MATIC is attempting to break below the 100-day moving average, suggesting that prices might break below the consolidation zone and move bearishly. Also, using the Relative Strength Index (RSI) to analyze the price action in the 4-hour timeframe, we can see that the RSI line has crossed below the 50% level, heading toward the oversold zone, suggesting that the price might break below the consolidation zone. Meanwhile, in the daily time frame,  it can also be observed that the price attempts to break below the bearish triangle out of the consolidation zone below the 100-day simple moving average. The 1-day RSI also suggests that the price of MATIC might break below the consolidation as the RSI signal line has broken below the 50% level and is heading toward the oversold zone. Specifically, this indicates that sellers weaken buyers in the market. With this strength of the sellers in the market, MATIC will continue to move downward when there is a break out below the consolidation zone. Potential Price Actions In The Event Of A Breakout Conclusively, if there is a break out above the consolidation zone, MATIC will continue to move upward toward the $0.9488 resistance level. If the price breaks this resistance level, it could rise even higher to test the resistance level of $1.0968. On the contrary, should MATIC’s price break below the consolidation zone, in continuation of its downtrend the price might begin to move toward the $0.5030 support level. It might continue to move downward toward the 0.3132 support level if the price breaks below this level. Featured image from Adobe Stock, chart from Tradingview.com

View Details

MATIC Price Slumps 10% Amidst Market Downturn Here Are Key Levels To Watch

MATIC, the native token of the Polygon network, has witnessed a significant decline in its value. It has fallen by more than 10% in the past week and 8% in less than 24 hours as the general cryptocurrency market continues to grapple with a cloud of negative sentiment. Fortunately, the latest on-chain analysis has revealed the important levels that investors should look out for following the latest decline in the MATIC price. Over 10,900 Addresses Bought 600 Million Polygon Tokens At This Price According to a recent post on X by crypto pundit Ali Martinez, the price of MATIC has established a key support around its current price point. This evaluation is based on analytics firm IntoTheBlocks on-chain data, which tracks the average acquisition price for any given wallet address.   The distribution of the Polygon token supply across various price ranges | Source: Ali_charts/X Above is the chart highlighted by Martinez that shows the distribution of the Polygon token supply across various price ranges. The size of the dots in the chart represents the magnitude of coins purchased around the corresponding price range. Related Reading: Post-Halving Pressure: Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000 Most notably, over 10,900 wallet addresses bought a whopping 608 million MATIC around the $1.02 and $1.05 zone. According to the crypto analyst, this massive buying activity has supported the establishment of crucial support around this price region. #Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7 Ali (@ali_charts) March 16, 2024 While the large size of the dot reflects the strength of this particular level, sustained bearish pressure could cause the price of MATIC to breach and fall beneath this support. In this case, investors could see the cryptocurrency drop to around $0.91. This makes the $0.89 and $0.92 price range another level to watch, as it represents the next vital support area, where 35,680 wallet addresses purchased nearly 400 million Polygon tokens. MATIC Price Overview As of this writing, the price of MATIC stands at $1.04, reflecting an 8% decline in the past 24 hours. This price dip comes after the altcoin printed a multi-month high of $1.28 on Thursday, March 14. According to data from CoinGecko, the Polygon coin has suffered a 9.7% price slump in the last seven days. From a broader perspective, though, the cryptocurrency has had a fairly positive performance in the past month. Related Reading: XRP Records Massive 80% Surge In Trading Volume Can Price Reach A New ATH? With a market capitalization of more than $9.7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector. MATIC price finds support around $1.04 on the daily timeframe | Source: MATICUSDT chart on TradingView Featured image from Getty Images, chart from TradingView

View Details

MATIC Could Target $1.40 If Bullish Momentum Continues

MATIC has seen significant price growth over the last 24 hours, following a period of strong bearish influence in the past week. On the daily chart, the altcoin surged by almost 6%. At present, MATIC is trading above its $1.07 support line. Over the last week, MATIC fell by 3%, but with Bitcoin rising on [...]

The post MATIC Could Target $1.40 If Bullish Momentum Continues appeared first on Crypto Breaking News.

View Details

MATIC Price Prediction: Polygon Aims Recovery To $1

MATIC price is recovering from the $0.82 support zone. Polygon might rise further but there is a major barrier forming near the $1.00 zone. MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar. The price is trading above $0.86 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise if it clears the $0.90 resistance zone. Polygon’s MATIC Price Attempts Recovery In the past few days, Polygon’s price saw a steady decline from well above $1.00. MATIC declined below the $0.900 support to move into a bearish zone. A low is formed near $0.8206 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.850. Besides, there was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair. It broke the 23.6% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level. If there is an upside break above the $0.90 resistance level, the price could continue to recover. The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. Source: MATICUSD on TradingView.com A clear move above the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00. Fresh Decline in MATIC? If MATIC’s price fails to rise above the $0.90 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.88 level. The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline toward $0.82. The next major support is near the $0.80 level. Technical Indicators 4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.88 and $0.865. Major Resistance Levels – $0.90, $0.95, and $1.00.

View Details

MATIC Price Prediction: Polygon Recovery Faces Many Hurdles

MATIC price is recovering from the $0.95 support zone. Polygon might rise further but there is a major barrier forming near the $1.080 zone. MATIC price is attempting a recovery wave above the $1.00 resistance against the US dollar. The price is trading below $1.10 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise if it clears the $1.008 resistance zone. Polygon’s MATIC Price Faces Resistance In the past few days, Polygon’s price saw a steady decline from well above $1.12. MATIC declined below the $1.00 support to move into a bearish zone. A low is formed near $0.952 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.980. Besides, there was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair. The price is still trading below $1.10 and the 100 simple moving average (4 hours). It is now facing resistance near the $1.008 level or the 23.6% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low. If there is an upside break above the $1.008 resistance level, the price could continue to recover. The next major resistance is near $1.08 or the 50% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low. Source: MATICUSD on TradingView.com A clear move above the $1.08 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.15 level or $1.20. More Losses in MATIC? If MATIC’s price fails to rise above the $1.008 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.98 level. The main support is near the $0.95 level. A downside break below the $0.95 level could open the doors for a fresh decline toward $0.88. The next major support is near the $0.82 level. Technical Indicators 4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now near the 50 level. Major Support Levels – $0.98 and $0.95. Major Resistance Levels – $1.008, $1.08, and $1.12.

View Details

Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?

Polygon (MATIC) is below the $1 mark today as the bears continue to pressure its price. From April 19, 2023, it moved into a downtrend gradually to its current price level of $0.966 today. The recent price volatility and decline experienced by Bitcoin and Ethereum seem to have a ripple effect on other tokens in [...]

The post Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant? appeared first on Crypto Breaking News.

View Details

MATIC Bullish Momentum Shows Signs Of Weakening: Key Levels To Monitor

MATIC, following a notable price pullback that briefly dipped to $0.53, has encountered a slowdown in its bullish momentum. Over the past 24 hours, the altcoin witnessed a decrease of around 1.5% in its value, with weekly losses amounting to 4.8%. Related Reading: XRP Sluggish: Unraveling The Factors Behind Its Gradual Weakening Currently, MATIC is hovering around a critical support level. This indicates that bears might dominate the upcoming trading sessions unless they move away from this support zone. To regain bullish traction, MATIC must sustain a price above the current support level. If successful, the altcoin may attempt to rise again. However, to fully restore its bullish momentum, it will be essential for MATIC to trade above the $0.85 price mark, which has previously acted as significant resistance. The slight decline in MATIC’s market capitalization indicates a potential slowdown in buying strength on its daily chart. MATIC Price Analysis: One-Day Chart At the time of writing, MATIC was trading at $0.75, having experienced a sharp decline from its previous position at $0.90. Despite a recovery attempt, MATIC is currently trapped at a crucial support level. The $0.75 price mark holds significant importance, as failure to sustain it could lead to a loss of buyer momentum, potentially pushing the price down to $0.65. If the altcoin falls below $0.65, it may further drop to $0.60. For MATIC to reverse its downward trend in the upcoming trading sessions, it must successfully surpass the $0.80 level. Achieving this could propel MATIC towards the challenging resistance at $0.85, a historical price ceiling for the altcoin. Technical Analysis Due to decreased demand, the altcoin experienced a decline in buying strength when it failed to maintain its price at $0.76. Although the Relative Strength Index (RSI) remained above the half-line, the reduced presence of buyers was evident. If bears push the price further, sellers could gain complete control of the price action. Additionally, the altcoin’s price was slightly above the 20-Simple Moving Average (20-SMA) line. However, in the next trading session, MATIC might dip below the 20-SMA, indicating a gradual exit of buyers from the market. The daily chart for the altcoin has shown clear signs of buyers exiting the market, with a sell signal becoming evident. The Moving Average Convergence Divergence (MACD) displayed one red histogram, signaling a sell indication for the altcoin. Moreover, the Directional Movement Index (DMI) indicated a negative direction for the asset. The -DI line (orange) crossed over the +DI line (blue), pointing to the altcoin’s bearish movement. Related Reading: From Polygon NFT Wins To MATIC Gains: Understanding The Connection Furthermore, the Average Directional Index (ADX – red) dipped and was close to the 20-mark, suggesting a weakening strength in the bullish price action. Featured image from UnSplash, chart from TradingView.com

View Details

MATIC Below Key Support Levels: What’s Next?

MATIC had been consolidating between $1.4 and $1.8 until it faced bearish pressure and declined. Over the last week, it depreciated nearly 16%, with a 6% dip on the daily chart. The technical outlook indicated bearish price action, with a drop in demand and accumulation. Major altcoins also struggled to surpass their resistance levels as Bitcoin corrected itself. MATIC is currently stable on its local support line, but it broke two crucial price floors, suggesting that bears could dominate upcoming trading sessions. Related Reading: Avalanche Struggles Under $18 – More Losses Seem Likely A further round of bearish pressure could cause bears to take over entirely, causing MATIC to fall through its local support line. On the daily chart, the altcoin’s market capitalization indicated a negative change, implying that sellers were taking control. MATIC Price Analysis: One-Day Chart The altcoin had struggled to maintain its value above $1 and dropped to $0.98. The overhead resistance of MATIC was $1.02, but due to a consistent decrease in demand, buyers lost confidence in the asset. If the price can break above the $1.02 resistance level, it may reach $1.06 and recover the bullish momentum. However, if the price falls below $0.98, the local support line is at $0.96, and if the altcoin’s value drops further, it may break through the support line and trade around $0.90 before seeing any recovery. The last session showed a red volume bar, suggesting a decline in buying pressure on the daily chart. Technical Analysis The recent rejection at the $1.14 level resulted in a swift exit of buyers from the market. The Relative Strength Index (RSI) dropped below the halfway mark, suggesting that sellers were dominating over buyers at the moment. The same reading also indicated that MATIC went below the 20-Simple Moving Average (SMA) line, indicating an increase in selling pressure and that sellers were driving the price momentum in the market. Breaking above the resistance could enable MATIC to surge past the 20-SMA line, thereby strengthening the bulls’ position. MATIC has started to form sell signals on the one-day chart in alignment with other technical indicators, indicating a potential dip in price. The Moving Average Convergence Divergence, which indicates price momentum and trend changes, formed red histograms connected to sell signals for the altcoin. Related Reading: What’s Next For Ethereum Price As It Drops Below $2,000? Additionally, Bollinger Bands, which suggest price volatility and fluctuation, have opened up, suggesting that MATIC may experience more price volatility in the near future. The broader market strength is also important for MATIC, as it can influence the altcoin’s price movement. Overall, the current technical outlook of MATIC appears bearish. Featured Image From UnSplash, Charts From TradingView.com

View Details