Polygon (MATIC) May Witness Further Downside as Demand Declines

2024-5-13 17:30

Polygon (MATIC) is at risk of extending its losses as demand for the altcoin continues to fall among market participants.

If bearish pressure mounts, MATIC is expected to continue its ongoing downtrend, which might send it below $0.65.

Polygon Battles Low Demand

MATIC trades at $0.67 at the time of writing, logging a 13% price decline in the last month. The drop in the price of the altcoin is due to the steady fall in demand in the past few weeks. 

Assessed using a 30-day moving average, the count of the daily active addresses that have completed at least one MATIC transaction has trended downward since April 20. As of May 12, this was 356,000, representing a 16% decline in the number of addresses involved in MATIC transactions in the month.

Polygon Daily Active Addresses. Source: Santiment

The period under review has also been marked by a decrease in the demand for MATIC. MATIC’s Network Growth, which tracks the daily number of new addresses created to trade MATIC, has declined since April 20. Between April 20 and May 12, new demand for MATIC dropped by 15%.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Polygon Network Growth. Source: Santiment

When an asset’s network activity declines in this manner, it means that fewer market participants are buying and selling the asset, resulting in less trading volume. With fewer traders in the market, the market becomes less liquid, putting bearish pressure on the asset’s price. 

MATIC Price Prediction: More Losses for Holders?

MATIC’s Relative Strength Index (RSI), which sat below the neutral line of 50.0 at the time of writing, signaled that market participants favored token distribution over accumulation. 

This indicator is a momentum oscillator that measures the speed and change of price movements. It typically ranges from 0 to 100, with levels above 70 indicating overbought conditions and below 30 signaling oversold conditions.

At 39 and in a downtrend, MATIC’s RSI shows that selling activity outpaced buying activity as demand for the altcoin continues to plummet.

Trading at $0.67, MATIC’s price is above a key support level that has been tested multiple times in the past. With a decline in new demand for the altcoin, it is now vulnerable to losing this support level.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

Readings from its Fibonacci retracement show that if the aforementioned bearish sentiments gain momentum, MATIC’s price might end below $0.65. This would result in a potential drawdown to the support at $0.62.

Polygon Price Analysis. Source: Tradingview

However, if market sentiment shifts and buying pressure spikes, it could note a recovery beyond $0.68, thereby invalidating the bearsih thesis.

The post Polygon (MATIC) May Witness Further Downside as Demand Declines appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BTC Network Demand Set II (BYTE) на Currencies.ru

$ 272.04 (-0.32%)
Объем 24H $0
Изменеия 24h: 5.06 %, 7d: 9.37 %
Cегодня L: $272.04 - H: $272.04
Капитализация $0 Rank 3738
Доступно / Всего 0 BYTE

demand matic further polygon declines may witness

demand matic → Результатов: 34


Polygon Bulls Form Strong Support, Buys Record $5.8B MATIC at This Price; Cardano (ADA) Poised to Move +20% to Next Resistance

Crypto Analyst @ali_charts posted that most Polygon (MATIC) tokens were purchased between $0. 80 and $0. 86, with 42,000 addresses holding close to 5. 8 billion MATIC in this key demand zone. He notes that given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level around $0.

2023-12-9 10:48


Polygon’s New Governance Model Driving Ultrahigh demand to MATIC and $ROE Amid Borroe Stage 1 Presale

In the fast-evolving landscape of cryptocurrencies, the interplay between technological innovation and robust governance models holds the key to success. In a recent surge of activity, Polygon (formerly Matic Network) has taken the crypto world by storm with its new governance model, propelling the demand for its native token MATIC to new heights.

2023-8-11 10:00


Фото:

Record-Breaking Growth: TMS Network (TMSN) Sees Enormous Price Jump, Overshadowing Polygon (MATIC) and Chainlink (LINK)

Since Bitcoin took over blockchain and decentralized finance, few projects have been able to meet up with its monumental rise in demand. However, TMS Network (TMSN) and its newly launched decentralized trading hub are breaking all rules while setting the standard for seamless and efficient trading.

2023-5-7 10:34


Polygon (MATIC) and Chainlink (LINK) Price Prediction: Collateral Network (COLT) Presale Soars To New Heights

Cryptocurrency enthusiasts keep a keen eye on the performance of Polygon (MATIC) and Chainlink (LINK), two of the most popular digital currencies in the market today. Adding to the buzz is the news of the Collateral Network (COLT) presale, which has witnessed a remarkable surge in demand and is now reaching new heights. In this […]

2023-4-10 12:06


Polygon Price Analysis & Prediction (Jan 18th) – Matic Eyes More Highs But Taking a Break After 20% Weekly Gains

Defying all odds, Polygon – MATIC’s performance has been so impressive since the start of the year as it recovered nicely with over 30% gains. The bulls are back and looking for more levels to tap. Once again, Matic bounced above a crucial demand zone and increased consistently for two weeks to reach $1.05 during […]

2023-1-19 09:44


Фото:

Irony: Coinbase Pushes Binance Launchpad Project MATIC To New Heights

Scalability is one of the biggest issues in cryptocurrency, and several leading blockchains are throttled at a handful of transactions per second. High-throughput networks like EOS, which can process 4,000 payments every second, have been able to capitalize – to the tune of a few billion dollars – on the sector’s unmet demand for fast […] The post Irony: Coinbase Pushes Binance Launchpad Project MATIC To New Heights appeared first on Crypto Briefing.

2019-5-1 22:12