πŸš€ $MATIC's rally faces hurdles: $0.5 is the key support to watch- CoinGape

Irma - Aug 26 - - Dev Community

πŸ“ˆ Polygon (MATIC) Price Surge
Polygon (MATIC) surged last week, breaking local resistance at $0.43 and rallying to $0.58. However, the price has since fallen by 7.5% from a high of $0.5819, with Open Interest (OI) also dropping.

πŸ“‰ Investor Losses and Market Impact
A significant 54.72% of MATIC holders who bought between $0.456 and $0.62 are at a loss. This could lead to selling if the price bounces to $0.552-$0.569, as investors aim to break even.

πŸ”» Declining Adoption and Sentiment
Daily active addresses for MATIC have declined, signaling reduced network adoption. Increased dormant circulation also suggests potential selling pressure.

🚧 Resistance and Future Trends
MATIC is facing resistance at the $0.56-$0.58 range, and prices may consolidate here before potentially moving lower to $0.5 or $0.45. The current market structure suggests a possible distribution phase before any further decline.

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