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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

When Will Polygon (MATIC) Rebound? Analyzing This Month’s Recovery Potential

Christian Encila
Christian Encila
2 years ago
3 mins read
Polygon

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Polygon (MATIC), a prominent player in the cryptocurrency market, faced a volatile journey in July, as it initially cleared significant gains but encountered setbacks that have left investors and enthusiasts eager for signs of a resurgence. 

As of the latest data from CoinGecko, the MATIC price stood at $0.66, reflecting a 24-hour slump of 0.4% and a seven-day decline of 4.7%. While the token’s price performance has been fluctuating, technical indicators suggest the potential for a rebound.

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Source: Coingecko

Polygon: Testing Retracement Levels

A crucial tool in analyzing MATIC’s price movement has been the Fibonacci retracement tool, which evaluates the retracement levels between the June low and July high. The 50% Fibonacci level, situated at $0.70, failed to uphold the pullback, raising concerns about the sustainability of the gains. The recent activity has seen the token testing the 38.2% Fibonacci level at $0.655, which has been retested twice, demonstrating its significance as a support level.

Presently, MATIC has bounced off the 38.2% Fibonacci level, indicating potential for recovery. However, the overall market structure on higher timeframes remains bearish, and the interplay with Bitcoin’s performance can play a pivotal role. As Bitcoin exhibited weakness, a price rejection at the 50% Fibonacci level is a feasible scenario. 

MATIC market cap at $6.2 billion on the daily chart: TradingView.com

The key intrigue lies below the 38.2% Fibonacci level, where bullish order blocks on both daily and weekly charts are positioned. These blocks, particularly the daily one which has already shown its impact, could mitigate further price decline should the 38.2% Fibonacci support give way. Both the 38.2% and 23.6% Fibonacci levels are emerging as critical interest points for bullish traders.

Complex On-Chain Dynamics And Amazon’s Role

While the Network Profit and Loss (NPL) data seems to suggest that MATIC might have reached a price bottom, a closer analysis of its on-chain performance raises concerns about a potential additional drop in value.

This intricacy mirrors the broader struggles of the crypto market, which has been grappling with various regulatory, environmental, and adoption challenges. Amidst this backdrop, MATIC’s future remains uncertain.

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On a brighter note, Polygon’s collaboration with Amazon Prime presents an optimistic angle. Amazon Prime’s vast subscriber base, totaling around 200 million globally, offers an enticing prospect for the cryptocurrency’s adoption.

@Weareplanetmojo Welcomes @AmazonPrimeMembers!🎉

1st FREE offer includes:
-Gwyn Rockhopper Digital Collectible
-850 ORE

The adventure begins NOW. 🚀💫
Come & Get It!

➡️https://t.co/9Dvzk8CAaT⬅️ pic.twitter.com/OZbuXUoEed

— Planet Mojo 🌱| Mojo Melee SEASON TWO is LIVE! (@WeArePlanetMojo) August 2, 2023

Specifically, the Mojo Melee NFT-based gaming project built on the Polygon network is now offering free Polygon NFTs to Amazon Prime subscribers. This partnership could potentially boost demand for Polygon’s network and contribute to its market resilience.

While challenges persist, the Polygon and its native coin’s potential to adapt and thrive cannot be underestimated, making it a compelling asset to watch in the coming days.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Crazy Stats

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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

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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