The Polygon (MATIC) price is currently at a crucial moment. Despite bullish news, MATIC has been in a downtrend since mid-February. After retesting the March 10 low yesterday, the price is at a turning point.<\/p>\n
According to data from on-chain data provider IntoTheBlock, Polygon token holders in profit fell to 34% this week. This is the lowest level since February. Therefore, analyst @CryptoTheBeast_ raises the question whether MATIC will turn around here or continue its downward trajectory?<\/p>\n
According to @intotheblock<\/a> data, $MATIC<\/a> holders in profit reached down to 34% this week, which is the lowest it has been since February. Will $MATIC<\/a> turn around here or will it keep going down? pic.twitter.com\/Pbu5KQjb5d<\/a><\/p>\n \u2014 Crypto \u20bfeast (@CryptoTheBeast_) April 27, 2023<\/a><\/p>\n\n The 1-day chart of MATIC reveals that MATIC lost the \u201cbull line\u201d, the 200-day Exponential Moving Average (EMA) last Thursday. The indicator served as Polygon\u2019s key support on March 10 and again in late March this year.<\/p>\n Since breaking below the 200-day EMA, currently at $1.0521, MATIC failed to rise above it. If there is no timely recovery and another rejection (like yesterday), MATIC could fall towards the support level at $0.81.<\/p>\n However, with an RSI of 35 on the 1-day chart, MATIC is near oversold territory. So, this price could be the biggest pain for now. On the other hand, regaining the 200-day EMA could avoid this scenario. As then, the 23.6% Fibonacci level at $1.09 is expected to come into focus.<\/p>\n A dynamic move above this area would open the possibility for a rise towards the 38.2% Fibonacci level at $1.185. In this area at the latest, greater selling pressure from the bears can be expected.<\/p>\n Afterwards, the next target of great importance is the 50% Fibonacci level at $1.25. In mid-March, MATIC got rejected at this level and thus failed to achieve a reversal towards the February high.<\/p>\n Nonetheless, there is no shortage of bullish news for Polygon at the moment. Traditional finance giant Franklin Templeton announced<\/a> yesterday that it will be experimenting with Polygon. The company has launched the OnChain US Government Money Fund on the layer-2 blockchain.<\/p>\n Franklin Templeton is one of the world\u2019s largest asset managers, alongside BlackRock, with $1.4 trillion in assets under management (AUM). The Nasdaq-listed mutual fund is the first fund registered in the U.S. to use a public blockchain.<\/p>\n This allows transactions to be processed and ownership to be recorded transparently, according to a press release. A share of the fund is represented by the BENJI token, which investors can manage via a wallet app.<\/p>\n In other news, Polygon Labs and Google Cloud announced a program for Web3 startups on Tuesday. The blockchain project wrote via Twitter that it has teamed up with Google Cloud to help Web3 projects and startups. Up to $3 million will be allocated for this purpose from the Polygon Ventures Ecosystem Fund.<\/p>\n We’re joining @googlecloud<\/a> to help Web3 projects and startups grow with access to: Up to $3M USD in investments from the Polygon Ventures Ecosystem Fund Priority Reviews All Polygon Venture benefits<\/p>\n https:\/\/t.co\/wFhIb9af7n<\/a> https:\/\/t.co\/hJGKZivbOQ<\/a><\/p>\n \u2014 Polygon (Labs) (@0xPolygonLabs) April 25, 2023<\/a><\/p>\n\n Featured image from The Economic Times, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Polygon (MATIC) price is currently at a crucial moment. Despite bullish news, MATIC has been in a downtrend since mid-February. After retesting the March 10 low yesterday, the price is at a turning point.<\/p>\n According to data from on-chain data provider IntoTheBlock, Polygon token holders in profit fell to 34% this week. This is the lowest level since February. Therefore, analyst @CryptoTheBeast_ raises the question whether MATIC will turn around here or continue its downward trajectory?<\/p>\n According to @intotheblock<\/a> data, $MATIC<\/a> holders in profit reached down to 34% this week, which is the lowest it has been since February. Will $MATIC<\/a> turn around here or will it keep going down? pic.twitter.com\/Pbu5KQjb5d<\/a><\/p>\n \u2014 Crypto \u20bfeast (@CryptoTheBeast_) April 27, 2023<\/a><\/p>\n The 1-day chart of MATIC reveals that MATIC lost the \u201cbull line\u201d, the 200-day Exponential Moving Average (EMA) last Thursday. The indicator served as Polygon\u2019s key support on March 10 and again in late March this year.<\/p>\n Since breaking below the 200-day EMA, currently at $1.0521, MATIC failed to rise above it. If there is no timely recovery and another rejection (like yesterday), MATIC could fall towards the support level at $0.81.<\/p>\n However, with an RSI of 35 on the 1-day chart, MATIC is near oversold territory. So, this price could be the biggest pain for now. On the other hand, regaining the 200-day EMA could avoid this scenario. As then, the 23.6% Fibonacci level at $1.09 is expected to come into focus.<\/p>\n A dynamic move above this area would open the possibility for a rise towards the 38.2% Fibonacci level at $1.185. In this area at the latest, greater selling pressure from the bears can be expected.<\/p>\n Afterwards, the next target of great importance is the 50% Fibonacci level at $1.25. In mid-March, MATIC got rejected at this level and thus failed to achieve a reversal towards the February high.<\/p>\n Nonetheless, there is no shortage of bullish news for Polygon at the moment. Traditional finance giant Franklin Templeton announced<\/a> yesterday that it will be experimenting with Polygon. The company has launched the OnChain US Government Money Fund on the layer-2 blockchain.<\/p>\n Franklin Templeton is one of the world\u2019s largest asset managers, alongside BlackRock, with $1.4 trillion in assets under management (AUM). The Nasdaq-listed mutual fund is the first fund registered in the U.S. to use a public blockchain.<\/p>\n This allows transactions to be processed and ownership to be recorded transparently, according to a press release. A share of the fund is represented by the BENJI token, which investors can manage via a wallet app.<\/p>\n In other news, Polygon Labs and Google Cloud announced a program for Web3 startups on Tuesday. The blockchain project wrote via Twitter that it has teamed up with Google Cloud to help Web3 projects and startups. Up to $3 million will be allocated for this purpose from the Polygon Ventures Ecosystem Fund.<\/p>\n We’re joining @googlecloud<\/a> to help Web3 projects and startups grow with access to: Up to $3M USD in investments from the Polygon Ventures Ecosystem Fund Priority Reviews All Polygon Venture benefits<\/p>\n https:\/\/t.co\/wFhIb9af7n<\/a> https:\/\/t.co\/hJGKZivbOQ<\/a><\/p>\nMATIC Price Needs Quick Reversal<\/h2>\n
Bullish News For Polygon<\/h2>\n
MATIC Price Needs Quick Reversal<\/h2>\n
Bullish News For Polygon<\/h2>\n