Polygon’s (MATIC) Value Faces Decline Amidst Market Uncertainty

The value of Polygon (MATIC) has experienced a downturn after reaching its peak at $0.88 last week. The overall decline of 9% has raised concerns among investors, leading to a prevailing pessimistic sentiment surrounding the future trajectory of the Polygon cryptocurrency.

The current bearish trend zone suggests that an immediate upswing is unlikely. The price, currently trading at $0.81, faces challenges in breaking away from the bearish momentum. In this scenario, the market may continue to decline, potentially testing the next support level at around $0.75.

A potential indicator of a positive shift would be a break above the resistance trendline, signaling a potential increase in the price of Polygon. However, the altcoin is expected to undergo a period of consolidation in the short term, awaiting support from buyers near the identified support level.

Recent Notable MATIC Transfer To Monitor

Recent data from spotonchain revealed significant deposits of MATIC by Celsius Network to various exchanges, contributing to a more than 3% drop in the price. 

Notably, 25.75M $MATIC ($21.26M) was deposited to CEX at an average price of $0.826, with the majority being sent to Binance (22.73M $MATIC, $18.79M) and Cryptocom (3.02M $MATIC, $2.47M). Celsius Network maintains a remaining balance of 34.09M $MATIC ($27.56M) in the address.

Investors and analysts closely monitor these movements, with the expectation that market dynamics and buyer support will play a crucial role in determining Polygon’s future price action.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: benedak/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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