If a certain indicator is right, MATIC might drop even further than the 40% it had already dropped.
) trimmed nearly 11% and 22% off their market valuations year-to-date. Their plunge also triggered similar downside moves elsewhere in the crypto market, with its overall valuation falling to $1.878 trillion on Feb.11 from $2.190 trillion at the beginning of this year.
Polygon's market capitalization dropped to $12.96 billion from $18.10 billion, with MATIC's per token price plunging over 30% to $1.734 in the same period. Nonetheless, a technical support confluence kept the token's bullish hopes alive.in the form of MATIC's 200-day exponential moving average and a multi-month upward sloping trendline helped MATIC limit its bearish bias.The Polygon token has been again testing the support confluence for a potential price rebound ahead.
As a result, a bullish setup could emerge only on a decisive rebound, i.e., price rising alongside trading volumes., has a 62% success rate.MATIC serves as the currency of the Polygon ecosystem with its primary use cases involving fees and staking. Users can choose Polygon for its ability to process Ethereum transactions faster and at a cheaper rate.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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