Polygon (MATIC) Rally Gains Momentum: Is a Bullish Reversal Ahead?

• Polygon (MATIC) has seen a surge of 17% in the past six days, despite a 42% loss in Q2 2023.
• The US SEC labeled MATIC as security in two lawsuits, leading to a 43% drop from $0.9 to $0.50.
• Despite the negative outlook, MATIC is showing positive metrics; daily active addresses have increased by 37.6%, and the TVL of Polygon rose 12.41%.

Polygon (MATIC) Shows Mixed Signals

Polygon (MATIC) has experienced mixed signals over the past few weeks, with a surge of 17% in the last six days coupled with an intense loss of 42% so far this quarter. The global crypto heatmap is predominantly green, and MATIC has seen an uptick of 6.5% in the timeframe. However, the US SEC tagged Polygon (MATIC) as security in two lawsuits on June 5th and 6th respectively, resulting in a steep decline from $0.9 to its 1-year-low of $0.50 — a drop of over 43%.

Positive Metrics for MATIC

Despite these negative indicators, two positive metrics have been observed for MATIC: daily active addresses rallied by 37.6% in three days from 212.43K to 292.36K; and during that same timeframe, the total value locked rose 12.41%, from $829M to $932M according to DefiLlama’s data set analysis . This suggests that investors still remain deeply rooted and interested in developments for Polygon’s future upgrades – will their anticipation be met with bullish reversal?

MACD Indicates Bullish Reversal Potential

The MATIC/USDT daily price chart reflects an intense downtrend since May 18th when a death cross was established; 200-day moving average crossed above 50-day moving average which resulted in bears never slowing their pace thereafter . But moving average convergence/divergence indicator shows potential for bullish reversal as MACD line surpasses signal line – not all divergences result into actual price reversals but current MACD pattern might confirm chase towards upside , which is also supported by ADX reading that highlights strong trend at 45 . 23 . According to analysis , newly designated short-term target for Polygon (MATIC) is estimated at 0 . 72 dollars .

Current Price & 24 Hour Trading Volume

At press time , price of MATC was 0 . 6465 dollars with 24 hour trading volume recorded at 353 million dollars .


The views expressed are only for informational purposes and do not necessarily reflect opinions of TheNewsCrypto or constitute investment advice .