Polygon At June Lows Once more

Polygon (MATIC) has entered a section of consolidation, hovering simply above the essential $0.50 mark. The coin’s current retracement to June lows has garnered important consideration from bullish traders, even because the broader crypto market stays hounded by uncertainties and value plunges.

With the cryptocurrency market experiencing a notable downturn over the previous week, Polygon’s native token, MATIC, has not escaped unscathed.

The token’s worth has witnessed a decline of almost 19% over the span of seven days, additional amplified by a 4% drop within the final 24 hours alone. The present CoinGecko-listed price stands at $0.547.

MATIC value motion at the moment. Supply: Coingecko

The current state of MATIC at $0.54 marks its lowest valuation this 12 months, with year-to-date lows simply shy of the June benchmark of $0.59.

The current downturn is intently linked to the broader market crash, throughout which Bitcoin suffered a plunge to $26,000, triggering almost $2 billion in liquidations.

Technical Indicators Sign Warning For MATIC

Technical indicators echo the prevailing bearish sentiment surrounding MATIC. The Relative Energy Index (RSI) notably retreated to the oversold territory on August 17th and continues to linger there. This persistent oversold situation underscores the continuing promoting strain that has but to abate.

MATIC market cap at $5.1 billion at the moment. Chart: TradingView.com

Equally, the Chaikin Cash Movement (CMF) has maintained a place under zero, indicating a subdued inflow of capital. This pattern accentuates the bearish outlook for MATIC within the spot market.

Navigating The Street Forward For Polygon

Regardless of its current dip, MATIC encountered a measure of stabilization on the bullish order block (OB) located above the $0.50 stage.

Notably, this stage aligns with the June lows, which have traditionally facilitated profitable rebounds upon retesting. This downturn has visibly impacted traders, resulting in rising losses of their portfolios.

Nevertheless, the general power of Bitcoin—whose efficiency has been lackluster—may doubtlessly hinder MATIC’s capacity to stage a sturdy restoration.

MATIC seven-day value motion. Supply: CoinMarketCap

Because the crypto market grapples with its current setbacks, the fate of MATIC stays entwined with the broader trade traits.

Traders are keenly looking forward to indicators of a considerable reversal in MATIC’s fortunes, gauging whether or not it may possibly efficiently break away from the gravitational pull of the present market downtrend.

Within the midst of this difficult surroundings, MATIC lovers and market analysts alike are intently monitoring the coin’s technical indicators and its capacity to carry above the crucial assist stage of $0.50. Solely time will inform whether or not Polygon’s MATIC can climate the storm and reclaim its upward trajectory.

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Featured picture from Cointribune