{"id":509336,"date":"2022-11-19T13:32:30","date_gmt":"2022-11-19T13:32:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509336"},"modified":"2022-11-19T13:32:30","modified_gmt":"2022-11-19T13:32:30","slug":"matic-backpedals-into-bearish-track-despite-its-social-dominance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/matic-backpedals-into-bearish-track-despite-its-social-dominance\/","title":{"rendered":"MATIC Backpedals Into Bearish Track Despite Its Social Dominance"},"content":{"rendered":"

The current state of MATIC and Polygon’s crypto ecosystem ranks among the worst. It took a toll on In the wake of FTX’s demise, the industry-wide contagion has impacted<\/a> other projects, Polygon among them.<\/p>\n

Despite this, Polygon is in the top three DeFi companies in terms of revenue. However, Polygon and its native coin is seen to continue to bear the brunt of the pains from the collapse of FTX.<\/p>\n

Can MATIC<\/a> truly rally now, as it falls to its support at $0.82 despite its social dominance?<\/p>\n

Related Reading: Bitcoin Cash On Downward Motion Since Breaching $105 Level \u2013 Here\u2019s Why<\/a><\/div>\n

For MATIC, It’s A\u00a0Narrow Market<\/strong><\/h2>\n

At the moment, MATIC is trading at $0.861, with a fairly narrow green candle. Indicator BB shows a point of maximum pressure at around the same price.<\/p>\n

Coupled with the bearish formation of a descending triangle, this spells doom for MATIC over the following days.<\/p>\n

Past results show that the token has also had trouble gaining traction. Available data on CoinGecko<\/a> shows that MATIC is currently experiencing a losing run across all timeframes, with the monthly timeframe being the only exception, posting a gain of 2%.<\/p>\n

\"\"<\/p>\n

Image: TradingView<\/pre>\n
According to CoinMarketCap’s on-chain<\/a> research engine, the majority of MATIC holders are now in the red, with over 66% of the coins held in that spot.\u00a0 These are all bearish indications that the situation may deteriorate.<\/p>\n
Given that Polygon is an L2 for Ethereum, it is not surprising that MATIC and ETH have strong connections. Currently, the correlation coefficient between the two is 0.75. This indicates that the price movements of the two strongly correlate with one another.<\/p>\n
Investors and traders should monitor this signal, as any significant price change in ETH could aid Polygon’s comeback. Overall, though, investors and traders should anticipate MATIC to surpass $0.851<\/p>\n
Bulls should seek support at $0.772.<\/p>\n
Bearish Breakout Expected\u00a0<\/strong><\/h2>\n
Similar to what was stated previously, MATIC’s strong correlation with ETH can be a significant challenge for support but a significant boost for an uptrend.<\/p>\n
Despite Polygon’s social dominance, the loss of market confidence will surely cause the price of MATIC to decline.<\/p>\n
A short position at or below the current market price will mitigate the bearish market action. With the Bollinger band indicating a significant MATIC price decline, we can anticipate a bearish breakout in the next days.<\/p>\n
As that day approaches, MATIC bulls can only pray for a miracle in order for a recovery to occur.<\/p>\n
Related Reading:  Litecoin (LTC) Up 8% In Last 24 Hours, The Biggest Gainer Out Of Top 20 Cryptos<\/a><\/div>\n
<\/p>\n
MATIC total market cap at $7.5 billion on the weekend chart | Featured image from Daily Hodl, Chart: TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
The current state of MATIC and Polygon’s crypto ecosystem ranks among the worst. It took a toll on In the wake of FTX’s demise, the industry-wide contagion has impacted other projects, Polygon among them. Despite this, Polygon is in the top three DeFi companies in terms of revenue. However, Polygon and its native coin is seen to continue to bear the brunt of the pains from the collapse of FTX. Can MATIC truly rally now, as it falls to its support at $0.82 despite its social dominance? Related Reading: Bitcoin Cash On Downward Motion Since Breaching $105 Level \u2013 Here\u2019s Why For MATIC, It’s A\u00a0Narrow Market At the moment, MATIC is trading at $0.861, with a fairly narrow green candle. Indicator BB shows a point of maximum pressure at around the same price. Coupled with the bearish formation of a descending triangle, this spells doom for MATIC over the following days. Past results show that the token has also had trouble gaining traction. Available data on CoinGecko shows that MATIC is currently experiencing a losing run across all timeframes, with the monthly timeframe being the only exception, posting a gain of 2%. Image: TradingView According to CoinMarketCap’s on-chain research engine, the majority of MATIC holders are now in the red, with over 66% of the coins held in that spot.\u00a0 These are all bearish indications that the situation may deteriorate. Given that Polygon is an L2 for Ethereum, it is not surprising that MATIC and ETH have strong connections. Currently, the correlation coefficient between the two is 0.75. This indicates that the price movements of the two strongly correlate with one another. Investors and traders should monitor this signal, as any significant price change in ETH could aid Polygon’s comeback. Overall, though, investors and traders should anticipate MATIC to surpass $0.851 Bulls should seek support at $0.772. Bearish Breakout Expected\u00a0 Similar to what was stated previously, MATIC’s strong correlation with ETH can be a significant challenge for support but a significant boost for an uptrend. Despite Polygon’s social dominance, the loss of market confidence will surely cause the price of MATIC to decline. A short position at or below the current market price will mitigate the bearish market action. With the Bollinger band indicating a significant MATIC price decline, we can anticipate a bearish breakout in the next days. As that day approaches, MATIC bulls can only pray for a miracle in order for a recovery to occur. Related Reading: Litecoin (LTC) Up 8% In Last 24 Hours, The Biggest Gainer Out Of Top 20 Cryptos MATIC total market cap at $7.5 billion on the weekend chart | Featured image from Daily Hodl, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":505488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[14690,8323,1946,71704,40670,83584],"class_list":["post-509336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-news","tag-eth","tag-ethereum","tag-ftx","tag-matic","tag-polygon"],"acf":[],"yoast_head":"\nMATIC Backpedals Into Bearish Track Despite Its Network Growth<\/title>\n<meta name=\"description\" content=\"Investors and traders should monitor this signal, as any significant price change in ETH could aid Polygon's comeback.\" 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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\u2019 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 \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MATIC Backpedals Into Bearish Track Despite Its Social Dominance","url":"http:\/\/uniquehot.com\/news\/matic-backpedals-into-bearish-track-despite-its-social-dominance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/matic-backpedals-into-bearish-track-despite-its-social-dominance\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/matic.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/matic.png?fit=771%2C384"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto news","eth","ethereum","ftx","matic","polygon"],"dateCreated":"2022-11-19T13:32:30Z","datePublished":"2022-11-19T13:32:30Z","dateModified":"2022-11-19T13:32:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MATIC Backpedals Into Bearish Track Despite Its Social Dominance\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/matic-backpedals-into-bearish-track-despite-its-social-dominance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/matic-backpedals-into-bearish-track-despite-its-social-dominance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/matic.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/matic.png?fit=771%2C384\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto news\",\"eth\",\"ethereum\",\"ftx\",\"matic\",\"polygon\"],\"dateCreated\":\"2022-11-19T13:32:30Z\",\"datePublished\":\"2022-11-19T13:32:30Z\",\"dateModified\":\"2022-11-19T13:32:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/matic.png?fit=771%2C384","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=509336"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/505488"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=509336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=509336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=509336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}