The crypto industry has been severely impacted by the SEC’s recent actions on crypto exchanges, Binance and Coinbase. MATIC, too has caught up in trouble, dropping by over 13% in just under a week.
Polygon’s MATIC Token Faces Decline Amid Regulatory Scrutiny
Polygon (MATIC) has recently seen a surge in substantial transactions, attracting the attention of market observers who are speculating about the motives and actions of cryptocurrency whales. This increase in activity appears to be linked to a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance and Coinbase. The exchange also created a list that marked Polygon as a security.
The surge in large transactions on Polygon is a noteworthy signal of the approaches adopted by these investors, given the regulatory uncertainties confronting the industry.
These sizable transactions are often seen as a glimpse into the actions of whales within the cryptocurrency market and provide insights into the strategies they are developing.
In the last 24 hours, the Polygon network has witnessed a significant surge in transactions surpassing $100,000, amounting to an impressive $64.44 million, as reported by IntoTheBlock, a specialized firm analyzing on-chain data. This surge signifies a remarkable 742% increase.
As regulatory uncertainties continue to cast a shadow over the industry, market sentiment has been negatively impacted, resulting in widespread selling pressure and price declines for various digital assets.
At present, Polygon’s market cap stands at $7 billion, and according to Coinmarketcap data, its native token MATIC is trading at $0.7856. Over the past week, MATIC has witnessed a decline of 13.3%, and the token is currently struggling to undergo an upsurge.
MATIC Price Prediction Amidst Gradual Decline – Potential for Upward Momentum?
Over the past few days, the price of MATIC has experienced a gradual decline from levels well above $0.95 against the US dollar. This downward movement gained momentum as it broke below the $0.95 support level.
The bears further pushed the price below the $0.92 and $0.85 support levels, creating an opportunity for a sharp decline below the $0.80 support. As a result, the price settled significantly below the 50-day simple moving average.
A recent low has been established around $0.756, causing the price to consolidate its losses. With a decrease of over 10%, MATIC has entered a bearish zone in comparison to ETH and BTC.
If a recovery wave occurs, MATIC may encounter resistance near the $0.808 level or the 23.6% Fibonacci retracement level from the recent decline spanning from the $0.9700 swing high to the $0.756 low. The first major resistance level lies close to $0.825.
A significant bearish trend line is taking shape, indicating resistance at $0.825. The subsequent major resistance is near the $0.92 level and coincides with the 50-day simple moving average (represented by the blue line). This resistance zone aligns with the 76.4% Fibonacci retracement level of the recent decline from the $0.9700 swing high to the $0.756 low.
If the price breaches the $0.92 resistance zone, it has the potential to pave the way for a significant upward push in MATIC’s price. In this scenario, there is a likelihood of testing the $0.95 level, and any additional gains might create opportunities for reaching the resistance at $1.10.
Initial support is expected around the $0.755 level, followed by a major support level near $0.732. The primary support rests around the $0.700 zone. However, if the bulls fail to defend the $0.700 support, MATIC could experience a significant decline, potentially dropping toward the $0.62 support level.
MATIC Alternative Will Help Build Sustainable Future – Ecoterra Presale Raises $4.9 Million
Ecoterra, a sustainable crypto initiative focused on developing an innovative recycle-to-earn platform, has successfully raised over $4.9 million through its ongoing cryptocurrency presale.
By utilizing the project’s Web3 application, users can effortlessly scan packaging materials and accumulate ECOTERRA tokens as they engage in recycling. Upon depositing their recyclables at a reverse vending machine, the Ecoterra app promptly dispenses their well-deserved rewards.
The core concept behind this project is to incentivize recycling by providing crypto rewards. Users have the flexibility to hold or exchange their ECOTERRA tokens or utilize them to support environmental causes.
In line with this objective, Ecoterra enables users to purchase certified carbon credits from solar and wind projects worldwide using ECOTERRA tokens, allowing them to offset their own carbon emissions.
Additionally, users have the option to spend their ECOTERRA tokens in the platform’s rapidly expanding marketplace. The marketplace showcases eco-friendly businesses, each with a transparent impact profile, allowing consumers to assess their sustainability efforts.
During Ecoterra’s presale, early investors can acquire ECOTERRA tokens at a discounted price of $0.00925 per token.
The ongoing presale will conclude on June 19 once it reaches its maximum funding limit of $6.7 million.
During the presale, early investors have the opportunity to acquire ECOTERRA tokens using Ethereum, USDT, or a credit card as their preferred payment method.
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Ecoterra – New Eco Friendly Crypto
- CertiK Audited
- Doxxed Professional Team
- Earn Free Crypto for Recycling
- Gamified Environmental Action
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- Yahoo Finance, Cointelegraph Featured Project