April

when

Drops

Divergence

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polygons-matic-price-drops-significantly-after-peak/" data-wpel-link="internal">Polygon’s MATIC Price Drops Significantly After Peak</a><br></p>
<p class="p1" style="text-align: justify">The price of MATIC, which powers the leading Layer-2 ecosystem Polygon, has significantly dropped since its peak of $1.22 on March 14. After consolidating between April 14 and June 7, it fell below the lower line of the horizontal channel and has since decreased by 33%.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-matic">What’s Happening with MATIC?</h2> 
<p class="p1" style="text-align: justify">An on-chain evaluation of MATIC’s price performance reveals a significant decline in <a href="https://en.coin-turk.com/arthur-hayes-predicts-a-rally-for-defi-project-ethena-ena/" data-wpel-link="internal">altcoin</a> demand among market participants. This is partly based on readings from the token’s Price-Daily Active Addresses (DAA) Divergence. This data compares an asset’s price movements with changes in the number of daily active addresses. As of the time of writing, MATIC’s Price-DAA <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> a negative value of -35.59%. For context, this data last exceeded zero on October 24, 2023.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368274 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/polygon.webp" alt="" width="1536" height="520"></p> 
<p class="p1" style="text-align: justify">When this data returns a value below zero, it indicates a decrease in the number of daily active addresses trading an asset. A value of -35.59% signifies a significant drop in active addresses, which can be a bearish signal for any asset. Reading MATIC’s price decline and negative Price DAA Divergence together indicates a decrease in both the token’s price and network activity on Polygon.</p> 
<p class="p1" style="text-align: justify">Additionally, MATIC’s Relative Strength Index (RSI) is 21.17, which supports the above position. This indicator measures an asset’s overbought and oversold <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> and ranges from 0 to 100; values above 70 suggest the asset is overbought and may need a correction, while values below 30 indicate the asset is oversold and may be ready for a recovery. Although MATIC’s RSI data suggests it could be ready for a price increase, the significant bearish trend currently following it may prevent this from happening.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368273 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/polygon-veri.webp" alt="" width="1536" height="520"></p> 
<h2 class="p1" style="text-align: justify" id="matic-chart-analysis">MATIC Chart Analysis</h2> 
<p class="p1" style="text-align: justify">As the bearish trend for the altcoin continues to gain momentum, MATIC’s price decline may persist. According to the Elder-Ray Index, the indicator’s value has been negative since the decline started on June 7. This indicator measures the relationship between the strength of buyers and sellers in the market, and when its value is negative, bear strength dominates the market.</p> 
<p class="p1" style="text-align: justify">As of the time of writing, MATIC’s Elder-Ray Index value is -0.15. If bears remain in control of the market, they will push the token’s price into a downward trend. It could drop to as low as $0.42, but if investors take advantage of the decline and increased buying pressure, MATIC’s price could rise to $0.49.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368272 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/grafik-1.webp" alt="" width="1536" height="782"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/polygons-matic-price-drops-significantly-after-peak/" data-wpel-link="internal">Polygon’s MATIC Price Drops Significantly After Peak</a></h5>

Polygon’s MATIC Price Drops Significantly After Peak

Table of Contents

COINTURK NEWS

Other articles published on Jul 5, 2024

Has the SEC got trapped in SEC vs. Coinbase battle?

Feinstein Sees Opportunity in Bitcoin Drop

UK’s first AI candidate “AI Steve” fails in the general election

Buy The Dip? XRP Whales Doing Exactly That – Is A Price Rally Next?

Ethereum's Strategic Shift: Separating Execution from Consensus in Blocks

BRETT May Try To Overtake BONK and FLOKI; Check Rollblock If You Missed BRETT

Join our free newsletter for daily crypto updates!