{"id":148463,"date":"2023-08-14T08:15:15","date_gmt":"2023-08-14T08:15:15","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=148474"},"modified":"2023-08-19T15:22:02","modified_gmt":"2023-08-19T15:22:02","slug":"polygon-stagnant-as-y00ts-migrates-critical-support-at-0-65","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/polygon-stagnant-as-y00ts-migrates-critical-support-at-0-65\/","title":{"rendered":"Polygon Stagnant as y00ts Migrates, Critical Support At $0.65"},"content":{"rendered":"

The Polygon (MATIC)<\/a> prices have been uneventful for the past few trading days. <\/span><\/strong>The daily charts show that the coin is moving in a tight range but remains above the August lows’ $0.65 support level.\u00a0<\/span>Technically, bulls have a chance, and prices are within the June to July 2023 high low, a reprieve for optimistic buyers.\u00a0<\/span><\/p>\n

<\/p>\n

Even so, for clear trend definition,\u00a0<\/span>MATIC prices should rise above $0.70, confirming bulls of August 8, or dump below $0.65, a move that will favor sellers<\/span><\/strong>. Before then, looking at how prices have been moving in the past few days, conservative traders can stay on the sidelines until the medium-term trend is defined.<\/span><\/p>\n

Y00ts migrating, on-chain activity Remains Low<\/span><\/h2>\n

Indicative of the apprehensiveness across the board, Polygon’s on-chain activity is somewhat depressed. Bulls are optimistic, but\u00a0<\/span>non-fungible token (NFT) and decentralized finance (DeFi) activity is far from the 2021 peaks<\/span><\/strong>. This depression has impacted MATIC prices.\u00a0<\/span><\/p>\n

Last week,\u00a0<\/span>y00ts said it was migrating from Polygon to Ethereum<\/a> and reconnecting with DeGods<\/a><\/span><\/strong>. While at it,\u00a0<\/span>y00ts will refund the $3 million grant<\/span><\/strong>\u00a0extended by Polygon. As of August, the y00ts collection remained one of the most actively traded in the network.\u00a0<\/span><\/p>\n

Analysts observe that this could slow down Polygon’s expansion plans and lower on-chain activity. In the medium term, traders should watch how prices react at crucial liquidation or support levels. A conclusive thrust, ignited by fundamental factors, could light up demand.\u00a0<\/span><\/p>\n

Polygon (MATIC) Price Analysis<\/span><\/h2>\n

\"Polygon<\/p>\n

From the daily chart, MATIC is bearish.\u00a0<\/span>The coin is trading at around the 78.6% Fibonacci retracement level of the June to July 2023 trade range.<\/span><\/strong><\/p>\n

As per the MATIC candlestick arrangement, prices are in a tight range, with key reaction levels at $0.65 and $0.70, respectively. Accordingly,\u00a0<\/span>buyers can retake control if there is a conclusive breakout above $0.70 with expanding volumes<\/span><\/strong>. This, in turn, will confirm buyers of August 8, catalyzing demand that may see prices float to July highs of $0.88 in the medium term in trend continuation.<\/span><\/p>\n

Conversely,\u00a0<\/span>any loss below $0.65 will cancel this outlook from an effort-versus-result perspective<\/span><\/strong>. Notable, prices are in range inside the August 8 bull bar. As prices range, trading volumes are also relatively low. Any dip below $0.65 may see MATIC crash to $0.55 in a bear trend continuation formation.<\/span><\/p>\n

Technical charts courtesy of\u00a0<\/strong>Trading View<\/strong><\/a>.<\/p>\n

Disclaimer<\/strong>: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.<\/strong><\/em><\/p>\n

\n

If you found this article interesting, here you can find more\u00a0Polygon News<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Polygon prices are in range but bouncing off a critical support level. MATIC bulls, nonetheless, remain optimistic<\/p>\n","protected":false},"author":11,"featured_media":148866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,70,74,119],"tags":[5486,4930],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/148463"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=148463"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/148463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/148866"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=148463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=148463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=148463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}