Polygon Bears Gain Ground As MATIC Continues To Retreat

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	4,726,874,864	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

4,726,874,864

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0121	2.43%	0.5091	0.509	0.5092

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0121

2.43%

0.5091

0.509

0.5092

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5147	0.4964	0.4973	0.497	0.428100 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5147

0.4964

0.4973

0.497

0.428100 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:24:04	324.50	0.509	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:24:04

324.50

0.509

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,275,190.97	2,518,980.58	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,275,190.97

2,518,980.58

Polygon Bears Gain Ground As MATIC Continues To Retreat

07/05/2023 3:59am

NEWSBTC

Polygon (MATIC) is slightly shedding its gains today as the bears aim to seize control of its price. Despite the price fluctuations, its trading volume is up by 16%, indicating growing interest from traders. Polygon has dropped below the $1 mark since April 23. However, it trades within the $0.9 and $1 price range. What’s Next For MATIC? MATIC is in a sideways trend today, forming a red candle on the price chart. The recent price volatility might reflect the activities in the general crypto market, where the top coins are slightly gaining. Related Reading: PEPE Market Cap Crosses $1 Billion As Gemini Listing Rumors Spread MATIC has dropped below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. Also, its Relative Strength Index (RSI) is 40.24 in the neutral zone. However, the indicator is moving downwards and might descend into the oversold region of 30 if the bears prevail. MATIC’s Moving Average Convergence/Divergence (MACD) is slightly above the signal line and shows convergence. Also, it has a negative value, a bearish signal for the asset. The technical indicators suggest that MATIC might experience further price decline before the bulls rally again. MATIC is trading close to the $0.9451 support level, and the bears at the $1.0064 resistant level have kept its price down. If the current market conditions persist, a descent to the next support level of $0.9231 is possible. However, MATIC is currently in a sideways trend reflecting traders’ hesitation in the market. It will likely fall to the $0.9451 resistance before the bulls rally again. Securitize Launches On Polygon Despite Price Drop A trading firm, Securitize, launched a feeder fund on the Polygon blockchain. Investors can use these funds to collect secure loans and access liquidity on the platform. Also, this funding is in collaboration with Hamilton Lane (Nasdaq: HLNE) which is exclusive to the polygon blockchain. Related Reading: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low Hamilton Lane launched the Senior Credit Opportunities Fund (SCOPE) in October 2022. A portion of the SCOPE funds is now available through Securitize. This new investment feature reduces the minimum investment threshold for investors from $2 million to $10,000. The SCOPE initiative targets investment in privately held market-leading information technology and business services assets. The CEO of Securitize Inc., Carlos Domingo, stated that smart contracts built on blockchain networks could improve manual processes such as share redemptions that take weeks to seconds. Also, he believes it eliminates the need for intermediaries and unnecessary fees, thus eliminating the barrier of entry for some investors. Such developments are highly beneficial to Polygon’s network and might improve its price eventually. -Featured image from Pixabay and chart from Tradingview

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MATICUSD Polygon