Polygon Bears Gain Ground As MATIC Continues To Retreat
Polygon (MATIC) is slightly shedding its gains today as the bears aim to seize control of its price. Despite the price fluctuations, its trading volume is up by 16%, indicating growing interest from traders.
Polygon has dropped below the $1 mark since April 23. However, it trades within the $0.9 and $1 price range.
What’s Next For MATIC?
MATIC is in a sideways trend today, forming a red candle on the price chart. The recent price volatility might reflect the activities in the general crypto market, where the top coins are slightly gaining.
MATIC has dropped below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. Also, its Relative Strength Index (RSI) is 40.24 in the neutral zone.
However, the indicator is moving downwards and might descend into the oversold region of 30 if the bears prevail.
MATIC’s Moving Average Convergence/Divergence (MACD) is slightly above the signal line and shows convergence. Also, it has a negative value, a bearish signal for the asset. The technical indicators suggest that MATIC might experience further price decline before the bulls rally again.
MATIC is trading close to the $0.9451 support level, and the bears at the $1.0064 resistant level have kept its price down.
If the current market conditions persist, a descent to the next support level of $0.9231 is possible. However, MATIC is currently in a sideways trend reflecting traders’ hesitation in the market. It will likely fall to the $0.9451 resistance before the bulls rally again.
Securitize Launches On Polygon Despite Price Drop
A trading firm, Securitize, launched a feeder fund on the Polygon blockchain. Investors can use these funds to collect secure loans and access liquidity on the platform. Also, this funding is in collaboration with Hamilton Lane (Nasdaq: HLNE) which is exclusive to the polygon blockchain.
Hamilton Lane launched the Senior Credit Opportunities Fund (SCOPE) in October 2022. A portion of the SCOPE funds is now available through Securitize. This new investment feature reduces the minimum investment threshold for investors from $2 million to $10,000.
The SCOPE initiative targets investment in privately held market-leading information technology and business services assets.
The CEO of Securitize Inc., Carlos Domingo, stated that smart contracts built on blockchain networks could improve manual processes such as share redemptions that take weeks to seconds.
Also, he believes it eliminates the need for intermediaries and unnecessary fees, thus eliminating the barrier of entry for some investors. Such developments are highly beneficial to Polygon’s network and might improve its price eventually.
-Featured image from Pixabay and chart from Tradingview
Read more: https://www.newsbtc.com/matic/polygon-matic-bears-gain-ground/
Text source: NewsBTC
