Can Polygon (MATIC) Break $0.50 Despite Market Downturn?

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Polygon (MATIC) recently fell below the $0.50 support level, which is now acting as immediate resistance. Currently trading at $0.41, MATIC is under bearish pressure as market sentiment remains weak.

On August 6, 2024, Coinglass data revealed a significant increase in MATIC liquidations, with short positions at $371.67K compared to long positions of $89.07K. This imbalance indicates that traders are expecting further declines in MATIC’s price.

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