Polygon’s (MATIC), price plunges to $0.60 after last week’s bullish giddy party. MATIC has fallen by over 20% compared to the $0.97 peak seen just a few days ago. The coin’s price has dropped below the support line of $.080 and shows no sign of a slowdown.
At $0.74, the MATIC/USD is down 3.66%. CoinMarketCap has also seen a 10% drop in 24 hour trading volume, which stands at $815456
On the brighter side, the daily chart shows the MATIC price going for a bullish or Inverted Head & Shoulder formation.
Similar Reading: Polygon (MATIC), Looking Set for a Retracement after Recent Gains| Polygon (MATIC) Looks Set For A Retracement After Recent Gains
Current Technicals Bearish For MATIC
The breach occurred on July 13. It reached its peak of $0.97 by July 18. But, the bulls weren’t able to hold on to their gains and dropped miserably. It is clear that the bears won’t be rising anytime soon, as evidenced by daily charts showing two consecutive red candlesticks.
Meanwhile, a breach below the $0.70 mark confirms MATIC’s dominance and that the next support is at the $0.60 mark. Current RSI shows bearish momentum at 50, or below the average line. Even more, the MACD bullish indicator has also begun to show signs of a slowdown.
Polygon showed signs of a bull market in just two hours. Polygon was seen moving towards the downward route. It also formed the Flag & Pole pattern which is bullish and has the support level held close at 50%.
If the $0.7495 support is broken, then there may be a drop at $0.6895.
If buying pressure rises above the lower level, then a spike towards $0.8155/ $0.905 can be anticipated.
Source: TradingView.com| Source: TradingView.com
Polygon rolls out ZKEVM
Polygon’s remarkable speed- and cost-saving improvements are what make it so popular. The company has worked tirelessly to scale ETH from the moment it was launched. Polygon faces many challenges, such as ZK’s smart contracts, which are expensive, slow, incompatible and restrictive.
Polygon resolved problems with ZKEVM rollout and decided to make it better. Polygon developed ZKEVM in order to work with ETH. ZKEVM can now be used by developers in a similar way to Ethereum. Polygon ZKEVM will work with all ETH smart contacts and tools that are compatible with Ethereum. This allows the ETH network to be leveraged easily for increased speed and lower costs.
Similar Reading: Solana loses 17% of its value as SOL crawls back from $35 Slide| Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide
Featured image taken from The Daily Hodl. Chart from TradingView.com