Polygon Price Feels The Heat As MATIC Retreats To $0.60
July 27 2022 - 10:10AM
NEWSBTC
After its bullish shindig seen last week, Polygon (MATIC) price is
now going the opposite direction as it continues to plunge to
$0.60. MATIC is seen to have plummeted by more than 20% in
comparison to its peak high of $0.97 as seen in the past couple of
days. The coin’s price has dropped below the support line of $.080
and shows no sign of a slowdown. The MATIC/USD has declined by
3.66% or at $0.74 as of this writing. CoinMarketCap is also showing
a 10% slump in the 24-hour trading volume which is at $815,456. On
the brighter side, the daily chart shows the MATIC price going for
a bullish or Inverted Head & Shoulder formation. Related
Reading | Polygon (MATIC) Looks Set For A Retracement After Recent
Gains Current Technicals Bearish For MATIC The breach started on
July 13 and registered a peak high of $0.97 as seen on July 18.
But, the bulls weren’t able to hold on to their gains and dropped
miserably. The daily chart showing two red consecutive candlesticks
implies that the bears will not go up anytime soon. Meanwhile, a
breach below the $0.70 mark confirms MATIC’s dominance and that the
next support is at the $0.60 mark. The current RSI is showing
bearish momentum now at 50 or falls below the average line. More
so, the MACD bullish indicator is also showing signs of a slowdown.
On two separate hourly time frames, Polygon was caught to be
heading for a bull run in the short term. The price was captured to
be going towards the descending route. It also formed the Flag
& Pole pattern which is bullish and has the support level held
close at 50%. Once the current support at $0.7495 is breached, then
a decline may be apparent at $0.6895. On the other hand, if buying
pressure mounts from the lower level, a surge that shoots towards
the $0.8155 and $0.905 levels can be expected. MATIC total market
cap at $6.5 billion on the daily chart | Source: TradingView.com
Polygon Rolls Out ZKEVM Polygon is popular for its remarkable
improvements in terms of speed and affordability. Its efforts have
been in tune with scaling ETH since the day of its launch. However,
Polygon has faced enormous challenges such as when ZK rolled up its
smart contracts which have restricted users as the contracts are
said to be costly, incompatible, and sluggish. But, Polygon decided
to improve and resolve issues with the rollout of ZKEVM. Polygon
created ZKEVM to be compatible with ETH. Now, developers can build
on ZKEVM similar to Ethereum. In effect, any ETH smart contact or
tool which works well with Ethereum can work too with Polygon
ZKEVM. With that in mind, the ETH network can be easily leveraged
to take advantage of the enhanced speed and reduced costs. Related
Reading | Solana Loses 17% Of Value As SOL Crawls Back From $35
Slide Featured image from The Daily Hodl, chart from
TradingView.com
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