Polygon Price Analysis: Further Downswing to $0.50?

Polygon price has been successful a freefall for the past fewer days amid the US SEC ineligible conflict against Binance and Coinbase and the Fed’s hawkish pause. The plus has crashed by much than 25% successful the past week and astir 52% successful the past 3 months. MATIC has been among the worst-performing cryptocurrencies truthful acold this year, plunging much than 22% successful the twelvemonth to date.

Polygon terms has been connected a steep diminution for the past fewer days arsenic whales commencement to fold. The asset’s full marketplace headdress has crashed implicit the past week to $5 billion, portion the full measurement of MATIC traded successful the past 24 hours jumped by much than 60%, hinting astatine an accrued selling pressure.

Earlier this month, the US Securities and Exchange Commission (SEC) accused crypto speech giants, Binance and Coinbase, alleging that they were unregistered exchanges and they sold unregistered securities. The lawsuits sparked a monolithic sell-off successful the cryptocurrency marketplace and crypto prices, with crypto heavyweights Bitcoin and Ethereum, falling by much than 5% each.

In the lawsuit, SEC deemed a slew of altcoins, including Solana, Cardano, and Polygon arsenic unregistered securities. The allegations saw the prices of the aforementioned altcoins dive into grounds lows amid a spark successful selling pressure.

Polygon terms sank further this week pursuing the caller intermission complaint by the US cardinal slope that triggered different question of selloffs. The US Federal Reserve announced its archetypal intermission successful 2 years successful its involvement rates but signaled its enactment for 2 much complaint hikes this year, with 1 to beryllium implemented astatine its adjacent July meeting.

The caller sell-off successful the MATIC terms has near crypto whales successful consolidation mode arsenic the altcoin’s on-chain information flashes aggregate reddish signals. Data by GlassNode shows that arsenic of June 10, ample transactions connected the Polygon web person been dropping persistently by 220%. As such, the existent inclination indicates that crypto whales are losing assurance successful Polygon’s terms betterment prospects.

Polygon terms has been experiencing a monolithic sell-off successful the past fewer days, crashing to its lowest level since past twelvemonth successful June. Along the way, the integer currency has formed a steep descending channel, signaling a continuous downside. At the clip of writing, MATIC was trading little astatine $0.5859.

On the regular chart, MATIC has managed to determination autumn beneath the 50-day and 200-day exponential moving averages, arsenic good arsenic the 100-day and 200-day elemental moving averages. Its Relative Strength Index (RSI) has slipped further into the oversold portion astatine 21, with the Moving Average Convergence Divergence (MACD) indicator hinting astatine much downside.

Looking astatine the fundamentals and technicals, the Polygon terms is apt to proceed falling successful the ensuing sessions. A further downswing volition person bears eyeing the adjacent enactment level astatine $0.50. However, a determination past the captious level of $0.7760 mightiness springiness the plus bullish support.