Polygon Bears Gain Ground As MATIC Continues To Retreat
May 06 2023 - 10:59PM
NEWSBTC
Polygon (MATIC) is slightly shedding its gains today as the bears
aim to seize control of its price. Despite the price fluctuations,
its trading volume is up by 16%, indicating growing interest from
traders. Polygon has dropped below the $1 mark since April
23. However, it trades within the $0.9 and $1 price range. What’s
Next For MATIC? MATIC is in a sideways trend today, forming a red
candle on the price chart. The recent price volatility might
reflect the activities in the general crypto market, where the top
coins are slightly gaining. Related Reading: PEPE Market Cap
Crosses $1 Billion As Gemini Listing Rumors Spread MATIC has
dropped below its 50-day and 200-day Simple Moving Averages (SMA),
with bearish sentiment in the short and long term. Also, its
Relative Strength Index (RSI) is 40.24 in the neutral zone.
However, the indicator is moving downwards and might descend into
the oversold region of 30 if the bears prevail. MATIC’s
Moving Average Convergence/Divergence (MACD) is slightly above the
signal line and shows convergence. Also, it has a negative value, a
bearish signal for the asset. The technical indicators suggest that
MATIC might experience further price decline before the bulls rally
again. MATIC is trading close to the $0.9451 support level, and the
bears at the $1.0064 resistant level have kept its price
down. If the current market conditions persist, a descent to
the next support level of $0.9231 is possible. However, MATIC is
currently in a sideways trend reflecting traders’ hesitation in the
market. It will likely fall to the $0.9451 resistance before the
bulls rally again. Securitize Launches On Polygon
Despite Price Drop A trading firm, Securitize, launched a
feeder fund on the Polygon blockchain. Investors can use these
funds to collect secure loans and access liquidity on the platform.
Also, this funding is in collaboration with Hamilton Lane (Nasdaq:
HLNE) which is exclusive to the polygon blockchain. Related
Reading: Bitcoin Miners Reap Profits As Mining Difficulty Hits
3-Month Low Hamilton Lane launched the Senior Credit Opportunities
Fund (SCOPE) in October 2022. A portion of the SCOPE funds is now
available through Securitize. This new investment feature reduces
the minimum investment threshold for investors from $2 million to
$10,000. The SCOPE initiative targets investment in privately
held market-leading information technology and business services
assets. The CEO of Securitize Inc., Carlos Domingo, stated
that smart contracts built on blockchain networks could improve
manual processes such as share redemptions that take weeks to
seconds. Also, he believes it eliminates the need for
intermediaries and unnecessary fees, thus eliminating the barrier
of entry for some investors. Such developments are highly
beneficial to Polygon’s network and might improve its price
eventually. -Featured image from Pixabay and chart from Tradingview
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