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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Polygon Price Feels The Heat As MATIC Retreats To $0.60

Christian Encila
Christian Encila
3 years ago
3 mins read
Polygon MATIC

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After its bullish shindig seen last week, Polygon (MATIC) price is now going the opposite direction as it continues to plunge to $0.60. MATIC is seen to have plummeted by more than 20% in comparison to its peak high of $0.97 as seen in the past couple of days. The coin’s price has dropped below the support line of $.080 and shows no sign of a slowdown.

The MATIC/USD has declined by 3.66% or at $0.74 as of this writing. CoinMarketCap is also showing a 10% slump in the 24-hour trading volume which is at $815,456.

On the brighter side, the daily chart shows the MATIC price going for a bullish or Inverted Head & Shoulder formation.

Related Reading | Polygon (MATIC) Looks Set For A Retracement After Recent Gains

Current Technicals Bearish For MATIC

The breach started on July 13 and registered a peak high of $0.97 as seen on July 18. But, the bulls weren’t able to hold on to their gains and dropped miserably. The daily chart showing two red consecutive candlesticks implies that the bears will not go up anytime soon.

Meanwhile, a breach below the $0.70 mark confirms MATIC’s dominance and that the next support is at the $0.60 mark. The current RSI is showing bearish momentum now at 50 or falls below the average line. More so, the MACD bullish indicator is also showing signs of a slowdown.

On two separate hourly time frames, Polygon was caught to be heading for a bull run in the short term. The price was captured to be going towards the descending route. It also formed the Flag & Pole pattern which is bullish and has the support level held close at 50%.

Once the current support at $0.7495 is breached, then a decline may be apparent at $0.6895.

On the other hand, if buying pressure mounts from the lower level, a surge that shoots towards the $0.8155 and $0.905 levels can be expected.

MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com

Polygon Rolls Out ZKEVM

Polygon is popular for its remarkable improvements in terms of speed and affordability. Its efforts have been in tune with scaling ETH since the day of its launch. However, Polygon has faced enormous challenges such as when ZK rolled up its smart contracts which have restricted users as the contracts are said to be costly, incompatible, and sluggish.

But, Polygon decided to improve and resolve issues with the rollout of ZKEVM. Polygon created ZKEVM to be compatible with ETH. Now, developers can build on ZKEVM similar to Ethereum. In effect, any ETH smart contact or tool which works well with Ethereum can work too with Polygon ZKEVM. With that in mind, the ETH network can be easily leveraged to take advantage of the enhanced speed and reduced costs.

Related Reading | Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

Featured image from The Daily Hodl, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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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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