Polygon (MATIC) Battles Low Demand Amidst Risks of Downtrend Extension
Monday, 13 May 2024, 14:30
Polygon (MATIC) May Witness Further Downside as Demand Declines
MATIC faces declining demand, risking further losses. If bearish pressure persists, it could drop below $0.65, extending its downtrend.
Polygon Battles Low Demand
MATIC trades at $0.67, with a 13% price decline in the last month due to diminishing demand. Daily active addresses and new network growth have declined significantly, indicating a lack of market interest.
- Assessed using a 30-day moving average, daily active addresses involved in MATIC transactions dropped by 16% in a month.
- New addresses trading MATIC decreased by 15% between April 20 and May 12, lowering market liquidity.
Market participants favor distribution over accumulation, as indicated by MATIC's RSI below 50.0, suggesting a continuation of bearish sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.