đ $MATIC 's rally faces hurdles: $0.5 is the key support to watch- CoinGape
đ 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.
đ 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.
đ» Declining Adoption and Sentiment
Daily active addresses for MATIC have declined, signaling reduced network adoption. Increased dormant circulation also suggests potential selling pressure.
đ§ 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.
