{"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<\/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 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>\nTechnical Indicators Signal Caution For MATIC<\/strong><\/h2>\n
Navigating The Road Ahead For Polygon<\/strong><\/h2>\n