The Polygon price has struggled recently even as more app developers have adapted the network. MATIC is trading at $1.0425, which is about 63% below its all-time high. This values the platform at more than $6.6 billion making it the 17th biggest digital currency in the world.
Polygon news. Polygon is a blockchain project that was previously known as MATIC. The network helps developers improve the performance of their Ethereum-built applications. More than 400 developers have switched to the network in the past few months and expressed its success.
Some of the best-known projects that have embraced Polygon are Aave, PolyMarket, Curve Finance, Tidal Finance, and OX. This is notable since these are some of the biggest blockchain projects in the world. Most importantly, other blockchain projects are considering moving to Polygon to take advantage of its low gas prices, higher throughput, and low clogging risks.
The recent performance of Polygon price is associated with the overall trend in cryptocurrencies. Recently, other digital currencies like Ethereum, Ripple, and Bitcoin have all declined as investors take profit. Still, despite the drop, MATIC price is still 250% above its lowest level in May.
The daily chart shows that the Polygon price has been in a sharp downward trend in the past few weeks. A closer look also shows that it has found a strong support at the $1.0265 level. Indeed, it has failed to drop below this support since June 22. The coin also seems to be forming a descending triangle pattern that is shown in yellow. In technical analysis, a descending triangle pattern is usually a bearish signal.
It is also below the 25-day and 15-day moving averages. Therefore, there is a possibility that the MATIC price will break out lower. If this happens, the next key support level to watch will be the 78.6% retracement level at $0.8300. On the flip side, a move above $1.2 will invalidate the bearish view.
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