The Polygon (MATIC) price is currently at a crucial moment.Despite bullish news, MATIC has been in a downtrend since mid-February.After retesting the March 10 low yesterday, the price is at a turning point.According to data from on-chain data provider IntoTheBlock, Polygon token holders in profit fell to 34% this week.This is the lowest level since February.Therefore, analyst @CryptoTheBeast_ raises the question whether MATIC will turn around here or continue its downward trajectory? According to @intotheblock data, $MATIC holders in profit reached down to 34% this week, which is the lowest it has been since February.Will $MATIC turn around here or will it keep going down? pic.twitter.com/Pbu5KQjb5d — Crypto ₿east (@CryptoTheBeast_) April 27, 2023 MATIC Price Needs Quick Reversal The 1-day chart of MATIC reveals that MATIC lost the “bull line”, the 200-day Exponential Moving Average (EMA) last Thursday.The indicator served as Polygon’s key support on March 10 and again in late March this year.
Since breaking below the 200-day EMA, currently at $1.0521, MATIC failed to rise above it.If there is no timely recovery and another rejection (like yesterday), MATIC could fall towards the support level at $0.81.However, with an RSI of 35 on the 1-day chart, MATIC is near oversold territory.So, this price could be the biggest pain for now.On the other hand, regaining the 200-day EMA could avoid this scenario.As then, the 23.6% Fibonacci level at $1.09 is expected to come into focus.
A dynamic move above this area would open the possibility for a rise towards the 38.2% Fibonacci level at $1.185.In this area at the latest, greater selling pressure from the bears can be expected.
Afterwards, the next target of great importance is the 50% Fibonacci level at $1.25.In mid-March, MATIC got rejected at this level and thus failed to achieve a reversal towards the February high.Nonetheless, there is no shortage of bullish news for Polygon at the moment.Traditional finance giant Franklin Templeton announced yesterday that it will be experimenting with Polygon.
The company has launched the OnChain US Government Money Fund on the layer-2 blockchain.Franklin Templeton is one of the world’s largest asset managers, alongside BlackRock, with $1.4 trillion in assets under management (AUM).The Nasdaq-listed mutual fund is the first fund registered in the U.S.to use a public blockchain.
This allows transactions to be processed and ownership to be recorded transparently, according to a press release.A share of the fund is represented by the BENJI token, which investors can manage via a wallet app.In other news, Polygon Labs and Google Cloud announced a program for Web3 startups on Tuesday.The blockchain project wrote via Twitter that it has teamed up with Google Cloud to help Web3 projects and startups.Up to $3 million will be allocated for this purpose from the Polygon Ventures Ecosystem Fund.🏾🏼 We’re joining @googlecloud to help Web3 projects and startups grow with access to: ✅ Up to $3M USD in investments from the Polygon Ventures Ecosystem Fund ✅ Priority Reviews ✅ All Polygon Venture benefits ☁️✨https://t.co/wFhIb9af7n https://t.co/hJGKZivbOQ — Polygon (Labs) (@0xPolygonLabs) April 25, 2023 Featured image from The Economic Times, chart from TradingView.com Jake Simmons Jake Simmons has been a Bitcoin enthusiast since 2016.Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others.His goal is to contribute to Bitcoin’s financial revolution, which will replace the fiat money system.
Besides BTC and crypto, Jake studied Business Informatics at a university.After graduation in 2017, he has been working in the blockchain and crypto sector.You can follow Jake on Twitter at @realJakeSimmons.
Leave a Reply [Cancel reply](/matic/polygon-matic-keeps-going-down-despite-bullish-news-buy-the-dip/#respond) Leave a Reply 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.Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist.He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer.He also founded an IT company and works rigorously in providing high-quality software services.Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets.
Follow him on Twitter @AayushJs.Polygon fell to a six-week low on Tuesday, with sentiment in cryptocurrency markets remaining bearish.The price plunged as consumer confidence in the United States fell by more than expected, coming in at a reading of 101.3 in April.Solana also slipped, hitting a two-week low.Polygon (MATIC) Polygon (MATIC) dropped to a six-week low on Tuesday, as sentiment in cryptocurrency markets remained bearish.
MATIC/USD dropped for a third straight session, hitting an intraday low of $0.9633 in the process.The move came less than a day after polygon was trading at a peak of $1.01, with today’s fall sending it to its weakest point since March 10.
As a result of the sell-off, it appears that MATIC bears are targeting a floor at the $0.95 mark.From the chart, one of the catalysts for the drop seems to be a breakout that occurred on the relative strength index (RSI).The index fell below a floor at 32.00, and is currently tracking at 31.13, which is its lowest reading since last June.Solana (SOL) Solana (SOL) was another notable mover on Tuesday, as the token moved closer to a floor at $20.00.Following a high of $21.95 to start the week, SOL/USD dropped to a low of $20.92 earlier in today’s session.
Today’s slippage sent solana to its lowest level since April 11, when price fell to a bottom at $20.83.At the time of writing, SOL has somewhat risen from its earlier low, and is currently trading at $20.95.In addition to this, the RSI indicator continues to track near a floor at 42.00, with a present reading of 42.66.
Should it fall below this point of support, it is highly likely that solana will drop below $20.00.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Will solana begin May trading below $20.00? Let us know your thoughts in the comments.Eliman Dambell Eliman was previously a director of a London-based brokerage, whilst also an online trading educator.Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Vladimka production / Shutterstock.com Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
On-chain data shows the Polygon exchange supply has seen a sharp spike recently, something that could lead to a further downtrend for the asset.Polygon Exchange Supply Rises As Whale Makes 60 Million MATIC Deposit According to data from the on-chain analytics firm Santiment, around 7.92% of the entire MATIC circulating supply is on exchanges now.The relevant indicator here is the “supply on exchanges,” which measures the percentage of the total Polygon supply that’s currently being stored in the wallets of all centralized exchanges.When the value of this metric rises, it means the investors are currently depositing a net number of coins into exchanges right now.
Since one of the main reasons why holders may transfer their MATIC to these platforms is for selling-related purposes, this kind of trend can have bearish implications for the price of the cryptocurrency.On the other hand, decreasing values of the indicator imply withdrawals are taking place on exchanges currently.Such a trend may be a sign that investors are accumulating the asset at the moment, and hence, can be bullish for the price in the long term.
Now, here is a chart that shows the trend in the Polygon supply on exchanges over the last few months: The value of he metric seems to have sharply risen in recent days | Source: Santiment on Twitter As displayed in the above graph, the Polygon supply on exchanges (colored in red) has seen a sharp jump during the past day, suggesting that these platforms have received a large amount of the asset.
In total, this inflow spike saw around 60 million MATIC entering the wallets of the exchanges.The source of this deposit looks to have been a single whale entity, which is in fact one of the largest holders of the cryptocurrency.The cryptocurrency transaction tracker service Whale Alert has also caught the transfer and has revealed that the transaction was coming from a wallet attached to the Polygon staking service, and its destination was the cryptocurrency exchange Binance.🚨 🚨 🚨 60,000,000 #MATIC (59,472,041 USD) transferred from Polygon Staking to #Binancehttps://t.co/2m1PJNgY2a — Whale Alert (@whale_alert) April 24, 2023 After this inflow, the MATIC supply on exchanges has risen to around 7.92%, which is a five-week high for the indicator.From the chart, it’s visible that this spike has only come after the cryptocurrency’s price has taken a sharp hit.Generally, whales make such deposits to sell when prices are high.However, the odd timing of this deposit may be a sign that this humongous holder thinks the decline would only extend in the near term, hence why they have decided to sell here.This would only be true, of course, if the whale truly intends to sell with this deposit.
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