When Will Polygon (MATIC) Rebound? Analyzing This Month’s Recovery Potential
07 Agosto 2023 - 6:05AM
NEWSBTC
Polygon (MATIC), a prominent player in the cryptocurrency market,
faced a volatile journey in July, as it initially cleared
significant gains but encountered setbacks that have left investors
and enthusiasts eager for signs of a resurgence. As of the
latest data from CoinGecko, the MATIC price stood at $0.66,
reflecting a 24-hour slump of 0.4% and a seven-day decline of 4.7%.
While the token’s price performance has been fluctuating, technical
indicators suggest the potential for a rebound. Related Reading:
PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? Source:
Coingecko Polygon: Testing Retracement Levels A crucial tool in
analyzing MATIC’s price movement has been the Fibonacci retracement
tool, which evaluates the retracement levels between the June low
and July high. The 50% Fibonacci level, situated at $0.70,
failed to uphold the pullback, raising concerns about the
sustainability of the gains. The recent activity has seen the token
testing the 38.2% Fibonacci level at $0.655, which has been
retested twice, demonstrating its significance as a support level.
Presently, MATIC has bounced off the 38.2% Fibonacci level,
indicating potential for recovery. However, the overall market
structure on higher timeframes remains bearish, and the interplay
with Bitcoin’s performance can play a pivotal role. As Bitcoin
exhibited weakness, a price rejection at the 50% Fibonacci level is
a feasible scenario. MATIC market cap at $6.2 billion on the
daily chart: TradingView.com The key intrigue lies below the 38.2%
Fibonacci level, where bullish order blocks on both daily and
weekly charts are positioned. These blocks, particularly the daily
one which has already shown its impact, could mitigate further
price decline should the 38.2% Fibonacci support give way. Both the
38.2% and 23.6% Fibonacci levels are emerging as critical interest
points for bullish traders. Complex On-Chain Dynamics And Amazon’s
Role While the Network Profit and Loss (NPL) data seems to suggest
that MATIC might have reached a price bottom, a closer analysis of
its on-chain performance raises concerns about a potential
additional drop in value. This intricacy mirrors the broader
struggles of the crypto market, which has been grappling with
various regulatory, environmental, and adoption challenges. Amidst
this backdrop, MATIC’s future remains uncertain. Related Reading:
Bone ShibaSwap Among Weekend 100 Biggest Hitters With 25% Rally On
a brighter note, Polygon’s collaboration with Amazon Prime presents
an optimistic angle. Amazon Prime’s vast subscriber base, totaling
around 200 million globally, offers an enticing prospect for the
cryptocurrency’s adoption. @Weareplanetmojo Welcomes
@AmazonPrimeMembers!🎉 1st FREE offer includes: -Gwyn Rockhopper
Digital Collectible -850 ORE The adventure begins NOW. 🚀💫 Come
& Get It! ➡️https://t.co/9Dvzk8CAaT⬅️
pic.twitter.com/OZbuXUoEed — Planet Mojo 🌱| Mojo Melee SEASON TWO
is LIVE! (@WeArePlanetMojo) August 2, 2023 Specifically, the Mojo
Melee NFT-based gaming project built on the Polygon network is now
offering free Polygon NFTs to Amazon Prime subscribers. This
partnership could potentially boost demand for Polygon’s network
and contribute to its market resilience. While challenges persist,
the Polygon and its native coin’s potential to adapt and thrive
cannot be underestimated, making it a compelling asset to watch in
the coming days. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Crazy Stats
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