Polygon (MATIC) Price Analysis: Can Polygon Recover From -6% Drop?
Polygon (MATIC) crypto price has sunk -6% amid broader de-risking in markets, triggered by the conflict between Israel and Hamas – but with MATIC price trading low – is Polygon going to zero?
This comes just a week after co-founder Jaynti Kanani revealed he was leaving Polygon ahead of the highly anticipated Polygon 2.0 to explore “new adventures”. A major down-shift for Ethereum – which fell below $1,600 yesterday – could be the trigger for the latest drop.
As price action finds relief from localized retracement, MATIC is currently trading at a market price of $0.53 (representing a 24-hour change of +0.34%). The recent -6% slide came as MATIC rejected from consolidation around $0.55 – in a tumultuous tumble that saw price crash down through the 20DMA (which stands at $0.53). When MATIC last fell below this moving average support, the 20DMA created a 66-day long period of upside resistance – highlighting the significance of the recent return below the MA.
As for the 200DMA – a level untouched by Polygon since April 30 – it remains high above ongoing price action at $0.76. Polygon’s indicators surprisingly remain bullish despite the downside move.
The RSI has cooled-off during the -6% drop, flipping from bearish divergence to a bullish 45.7 – which reflects the now over-sold sentiment surrounding MATIC. While the MACD maintains minor bullish divergence at 0.0009 – signaling appetite for MATIC at these levels. Overall, Polygon appears weak here, more than a week of consolidation above the 20DMA failed to crack upside resistance at $0.60 – and with price now stuck back below the moving average – further downside seems likely.
This leaves MATIC with an upside target at $0.60 (a possible +13.64%). While downside risk could see MATIC fall to the lower trendline at $0.50 (a possible -5.3%). Polygon’s risk: reward ratio therefore stands at 2.57 – a strong entry that suggests Polygon is not going to zero. But while Polygon bag-holders are strapped in for a rocky ride, a new meme coin has emerged with the potential to rival PEPE and SHIB.
Meme Kombat (MK): The Next Big Sensation in Meme Coin Space?
Meme Kombat (MK) has recently hit the crypto scene and is quickly becoming a sensation, with a fresh and innovative stake-to-mine system, it’s gathered an impressive $431,000 in its presale event alone. Powered by AI, Meme Kombat introduces battles between popular meme characters, allowing rival crypto users to wager using its native ERC-20 token, MK.
What Makes Meme Kombat Stand Out?
- Unique Gaming Mechanism: Beyond simple trading, Meme Kombat offers users an interactive gaming experience. Users can bet on their favorite meme characters in Player vs Player or Player vs Game matchups.
- Incentivized Staking: Keeping user engagement at the forefront, 30% of MK’s total supply is designated for staking rewards, motivating long-term investment and platform interaction.
- Gaining Rapid Traction: Even before its official launch, the growing interest in Meme Kombat is evident. Their presale has already garnered a notable $310,000, with anticipation building for its listings on major decentralized exchanges like Uniswap.
- Backed by a Robust Team: Under the leadership of the experienced founder Matt Whiteman, and with an audited smart contract by Coinsult, Meme Kombat guarantees both innovation and security.
- Promising Roadmap: With plans for platform launch in late Q3 2023, the project promises continuous enhancements. Each new season aims to introduce novel characters and gaming modes, ensuring user engagement remains high.
Considering the current traction, innovative gaming approach, and a solid roadmap, Meme Kombat indeed showcases the potential to join the likes of Pepe and SHIB – especially as the GambleFi and GameFi narratives continue to grow.
As the meme coin community eagerly awaits its full-fledged launch, the MK presale offers a golden opportunity for early-bird investors.
Ecosystem
Research
News Network
About