The News Crypto -
- MATIC lost over 10.20%, trading at a low of $0.4497 in the last 24 hours.
- Polygon plans to migrate MATIC to POL token on September 4.
The overall crypto market is under downside pressure, and the market cap has plummeted by over 3.30% to $2.11 trillion. Leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have crashed by over 4%. However, Polygon (MATIC) has drawn attention by topping the losers list, declining by 10.20% over the past 24 hours.
The token opened the trading day at $0.5011, but it could not break the nearby resistance at $0.5078. During this timeframe, the token has fell to a low of $0.4449. Amid this dip, the asset’s daily trading volume has increased by over 71%, standing at approximately $408 million. At press time, MATIC was trading at $0.4497, according to CMC data.
Notably, over the past 24 hours, the asset has experienced a $1.81 million liquidation, as per Coinglass data. The Open interest in MATIC contracts also witnessed a decrease of over 9% to $147.74 million.
On the other hand, Polygon has announced that the MATIC token will migrate to POL, on September 4. The new token will replace MATIC as a native gas and staking token for the Polygon Proof-of-Stake (PoS) network.
Will MATIC Bulls Revive?
MATIC has shown a declining pace over the last month, noting a dip of over 12.75%. The asset plunged to $0.3508 from $0.5227. In the past seven days, the asset has witnessed a 4.23% drop. At the beginning of the week, the altcoin were trading at $0.4711. In the following days, it climbed to a high of $0.5793.
If MATIC sustains in the bearish trap, without recovering, it will likely find nearby support at $0.4173. However, if the bulls break the bear hold, the asset can test its nearby resistance at $0.4753 soon.
The daily price chart confirms MATIC’s bearish momentum with the short-term 9-day MA at $0.5077 and the long-term 21-day MA at $0.4563, above the current price. Besides, the price dip triggered the token to stay in the neutral market sentiment, as the daily relative strength index (RSI) stood at 45.38.
This content was originally published on The News Crypto
