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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Polygon (MATIC) Keeps Going Down Despite Bullish News, Buy The Dip?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Polygon MATIC

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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.

Related Reading

MATIC Price Prediction

MATIC Price Prediction: Polygon Recovery Faces Many Hurdles

1 year ago

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.

Polygon MATIC price
MATIC price at pivotal moment, 1-day chart | Source: MATICUSD on TradingView.com

Bullish News For Polygon

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.

Related Reading

Polygon Bear

Polygon Exchange Supply Spikes, More Downtrend Incoming?

2 years ago

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 | Aggregated (@0xPolygon) April 25, 2023

Featured image from The Economic Times, chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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