Polygon Prices Are Feeling The Heat As MATIC Retraces To $0.60

Polygon prices are feeling the heat as MATIC retraced to $0.60 and after the bullish movements, now the coin is going in the opposite direction so let’s have a closer look at today’s latest cryptocurrency news.

MATIC retraced and was seen to have plummeted by more than 20% in comparison to the high of $0.97 as seen in the past few days and the coin’s price dropped below the support level of $0.80 with no signs of a slowdown. The MATIC/USD pair dropped by 3.66% or at $0.74 and the data shows that there was a 10% crash in the past 24 hours in trading volume which is set at $815,456. On the brighter side, the charts show that the MATIC price is going for a bullish or inverted head and shoulder formation and the breach started a few weeks back with a new peak of $0.97. The bulls however were not able to hold on to the gains and dropped dramatically with the daily chart showing two red consecutive candlesticks that imply the bears won’t go up in value anytime soon.
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In the meantime, a breach below the $0.70 mark confirms MATIC’s dominance, and the next support is set at the $0.60 mark with the current RSI showing bearish momentum at 50 or a drop below the aveage line. The MACD bullish indicator is also showing some signs of a slowdown. On two separate occasions, Polygon was caught for a bull run in the short term and the price was captured to be going to the descending route and formed the Flag and Pole pattern which is bullish and has the support of 50%.

On the other hand, if the buying pressure mounts from a lower level, a surge that will shoot to the $0.8155 and the $0.905 levels can be expected. The Polygon prices are moving downwards but the blockchain is still popular for its improvements in terms of speed and affordability. The efforts were in tune with scaling ETH since the day of the launch but Polygon faced huge challenges when ZK rollups emerged and restricted users as the contracts are said to be quite expensive and sluggish.

Polygon decided to improve and resolve issues with the ZKEVM rollup and it created it to be compatible with ETH. The developers can build on ZKEVM is similar to Ethereum and in effect, the ETH smart contracts or tool which works well with ETH work too with the Polygon ZKEVM, and with that in mind, the ETH network can be leveraged to take advantage of the enhanced speed and the reduced costs.