Polygon (MATIC) Battles Low Demand Amidst Risks of Downtrend Extension

Monday, 13 May 2024, 14:30
Polygon (MATIC) is at risk of extending its losses as demand for the altcoin continues to fall. MATIC's network activity has been dwindling, indicating decreasing market participation, potentially leading to further downside below $0.65.
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Polygon (MATIC) Battles Low Demand Amidst Risks of Downtrend Extension

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.

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