- Polygon (MATIC) flaunts a surge of 17% in the last six days.
- So far in Q2 2023, MATIC noted an intense loss of 42%.
The global crypto heatmap is predominantly flaunting the green strides of Bitcoin, Ethereum, and numerous cryptocurrencies over the past 24 hours. Polygon (MATIC) experienced an uptick of 6.5% in the timeframe. This rally comes after the layer-2 blockchain unveiled its plan to upgrade its PoS chain to zkEVM Validium on Tuesday.
The US SEC tagged Polygon (MATIC) as security in two lawsuits, Binance’s and Coinbase’s, on June 5 and 6, respectively. Followed by this, MATIC steeply declined from the range of $0.9 to its 1-year-low of $0.50 — a drop of over 43%.
Despite the negative outlook, MATIC does exhibit two positive metrics. Firstly, the daily active addresses rallied by 37.6% in three days from 212.43K to 292.36K. Secondly, during the same timeframe, the TVL of Polygon rose 12.41% from $829.06M to $931.97M, as per DefiLlama. This suggests that MATIC investors are deeply rooted to witness the developments and future upgrades. Will the anticipation be satisfied with a bullish reversal?
Polygon (MATIC) Signals Reversal?
The MATIC/USDT daily price chart reflects the coin’s intense downtrend. On May 18, MATIC’s price action established a death cross as shown in the above chart. That is, the long-term 200-day moving average (200 SMA) crossed above the short-term 50-day moving average (50 EMA). Since then, MATIC bears never slowed their pace.
On the contrary, the moving average convergence/divergence (MACD) indicator shows a possibility of a bullish reversal as the MACD line surpasses the signal line. Generally, not every divergence leads to an actual price reversal. But the current MACD pattern might confirm MATIC’s chase to the upside. This forecast is supported by the average directional index (ADX) reading of 45.23, which highlights a strong trend. As per analysis, the newly designated short-term target for Polygon (MATIC) is $0.72. At press time, the price of MATIC was $0.6465 with a 24-hour trading volume of $353,206,162.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice.
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