{"id":180381,"date":"2023-08-22T09:43:26","date_gmt":"2023-08-22T09:43:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180381"},"modified":"2023-08-22T09:43:26","modified_gmt":"2023-08-22T09:43:26","slug":"polygon-at-june-lows-again-prospects-for-bullish-recovery","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/polygon-at-june-lows-again-prospects-for-bullish-recovery\/","title":{"rendered":"Polygon At June Lows Again – Prospects For Bullish Recovery?"},"content":{"rendered":"

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.<\/span><\/p>\n

With the cryptocurrency market experiencing a notable downturn over the past week, Polygon’s native token, MATIC, has not escaped unscathed. <\/span><\/p>\n

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 <\/span>CoinGecko-listed price<\/span> stands at $0.547.<\/span><\/p>\n

<\/p>\n

MATIC price action today. Source: Coingecko<\/p>\n

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. <\/span><\/p>\n

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.<\/span><\/p>\n

Technical Indicators Signal Caution For MATIC<\/strong><\/h2>\n

Technical indicators<\/span> 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.\u00a0<\/span>This persistent oversold condition underscores the ongoing selling pressure that has yet to abate.<\/span><\/p>\n

<\/p>\n

MATIC market cap at $5.1 billion today. Chart: TradingView.com<\/p>\n

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.<\/span><\/p>\n

Navigating The Road Ahead For Polygon<\/strong><\/h2>\n

Despite its recent dip, MATIC encountered a measure of stabilization at the bullish order block (OB) situated above the $0.50 level. <\/span><\/p>\n

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.<\/span><\/p>\n

However, the overall strength of Bitcoin\u2014whose performance has been lackluster\u2014might potentially hinder MATIC’s ability to stage a robust recovery.<\/span><\/p>\n

<\/p>\n

MATIC seven-day price action. Source: CoinMarketCap<\/p>\n

As the crypto market grapples with its recent setbacks, the <\/span>fate of MATIC<\/span> remains entwined with the broader industry trends. <\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n

Featured image from <\/span>Cointribune<\/em><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Polygon (MATIC) has entered a phase of<\/p>\n","protected":false},"author":3,"featured_media":180380,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nPolygon At June Lows Again - Prospects For Bullish Recovery? - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/polygon-at-june-lows-again-prospects-for-bullish-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polygon At June Lows Again - Prospects For Bullish Recovery? - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Polygon (MATIC) has entered a phase of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/polygon-at-june-lows-again-prospects-for-bullish-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T09:43:26+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Polygon-At-June-Lows-Again-Prospects-For-Bullish-Recovery.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/polygon-at-june-lows-again-prospects-for-bullish-recovery\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/polygon-at-june-lows-again-prospects-for-bullish-recovery\/\",\"name\":\"Polygon At June Lows Again - Prospects For Bullish Recovery? 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