Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Polygon’s Battle for Recovery: Can (MATIC) Overcome a 26% Plunge to Reach $1?
  • News

Polygon’s Battle for Recovery: Can (MATIC) Overcome a 26% Plunge to Reach $1?

vivian 29 April 2024
Polygon POL
  • Polygon [MATIC] faces a daunting challenge as it strives to recover from a 26% price drop, slipping down the list of top cryptocurrencies.
  • Despite recent signs of a potential uptrend, bearish market indicators and liquidation risks near critical resistance levels pose significant hurdles for MATIC’s journey back towards $1.

Polygon (MATIC) has been on a rollercoaster ride in recent weeks, experiencing both highs and lows in its price trajectory. The cryptocurrency market has been closely monitoring MATIC’s movements, especially after it witnessed a significant 26% drop in price over the last month. However, there might be a glimmer of hope for Polygon enthusiasts as the token showed signs of a potential recovery in the last 24 hours.

A Glimpse of Hope Amidst Bearish Signals

Despite the bearish sentiment surrounding MATIC, the token surged by nearly 6% in the past day, offering a ray of hope to investors. However, metrics and market indicators have remained largely bearish, with Polygon slipping down the list of the top 20 cryptocurrencies.

Key Metrics and Market Analysis

Data from CoinMarketCap indicates that MATIC’s price plummeted by over 26% in the last 30 days, relegating it to the 18th position among the top crypto assets. Analysts, including the renowned crypto expert World of Charts, have pointed out Polygon’s consolidation within a descending channel, indicating a challenging path ahead.

Crucial Resistance Levels and Bullish Scenarios

For Polygon to stage a full recovery, it needs to surpass the critical resistance level at $0.77. Breaking above this level could potentially trigger a significant bull rally, injecting optimism into the market sentiment.

Mixed Signals and Potential Hurdles

While recent price movements have been encouraging, selling pressure on Polygon remains high, as evidenced by increased exchange inflow. Additionally, supply dynamics indicate a complex scenario, with supply on exchanges rising while supply outside of exchanges declines.

Analyzing Market Indicators

A closer look at MATIC’s daily chart reveals mixed signals from various market indicators. While some indicators, such as the MACD, signal bullish momentum, others like the Money Flow Index (MFI) and Chaikin Money Flow (CMF) point to a possible downturn in the near future.

Navigating Liquidation Risks

Hyblock Capital’s data suggests that MATIC could face heightened liquidation risks near the $0.76 mark, potentially leading to a price correction. These risks underscore the challenges that Polygon must overcome to sustain its upward momentum.

The Influence of External Factors

External factors, such as Bitcoin’s price trends, could significantly impact MATIC’s future trajectory. As Bitcoin trades around $63.7k, any downward movement towards $59.4k could exert short-term pressure on meme coin prices, including Polygon.

Navigating Uncertain Terrain

While recent price movements offer a glimmer of hope for Polygon enthusiasts, the cryptocurrency faces numerous challenges on its path to recovery. Overcoming key resistance levels and navigating market uncertainties will be crucial for MATIC to reclaim its upward trajectory and potentially climb back towards the $1 mark. Investors are advised to closely monitor market indicators and external factors to make informed decisions in this volatile landscape.

Continue Reading

Previous: Cardano (ADA) Plummets Amidst ‘Zombie’ Accusations: Is This the End of the Road?”
Next: Navigating the Ripple (XRP) vs. SEC Legal Odyssey: Insights into Crypto’s Regulatory Frontier

Related Stories

IOTA coin
  • News

IOTA Unveils Trillion-Transaction Plan to Transform Global Shipping

Jane Kariuki 13 June 2025
Iota in space
  • News

IOTA Launches Three New Tokens Quietly as Decentralization Plans Advance

Dennis Gatheca 13 June 2025
Monero XMR Highlight_simple_compose
  • Guide

Monero in 2025: How to Buy XMR in Four Simple Steps

vivian 13 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

IOTA coin
  • News

IOTA Unveils Trillion-Transaction Plan to Transform Global Shipping

Jane Kariuki 13 June 2025
Iota in space
  • News

IOTA Launches Three New Tokens Quietly as Decentralization Plans Advance

Dennis Gatheca 13 June 2025
Monero XMR Highlight_simple_compose
  • Guide

Monero in 2025: How to Buy XMR in Four Simple Steps

vivian 13 June 2025
vECHAIN ON A HILL AT NIGHT
  • Analysis

VeChain Drops 5% as Key Support Level Comes Under Threat

Sean Williams 13 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok