Polygon (MATIC) Plunges to June Low Again, Any Potential For A Bullish Rebound?
Polygon (MATIC) has been in a consolidation phase, oscillating around the important $0.50 mark. Amid the heightened volatility in the crypto market, MATIC has plunged over 5% in the last 24 hours, retracing its footsteps back to the June lows.
But will MATIC rebound or continue in the bearish momentum? The following analysis might provide hints.
Polygon (MATIC) Bears Hold Their Position
During the last seven days, MATIC's value has diminished by over 19% and recorded another 5% drop within 24 hours. According to CoinGeckodata, the coin traded at $0.547.
MATIC has declined by nearly 30% over the past 30 days. However, MATIC's market movement today, August 22, shows potential for a positive trend reversal in the coming days.
Technical Indicator Signals Potential Trend Reversal for MATIC, Will the Bulls Regain Momentum?Polygon's (MATIC) price chart reveals a consistent drop since August. But, several technical indicators show potential price recovery.
Chart: TradingView
According to the above chart, MATIC's price has dropped below theBollinger Bandsindicator, suggesting an oversold condition, signaling a potential rebound in the coming days.
Moreover, the asset'sRelative Strength Indexvalue is 21 in the oversold territory, indicating a strong bearish trend. But this observation suggests the coin might be due for a price rebound once investors leverage the undervalued condition to accumulate more tokens.
Traders and investors could interpret this analysis as an opportunity to consider buying, anticipating a potential price correction. If the bulls fail to recover momentum and the decline persists, expect the price to breach the monthly low at the $0.5 mark.
Daily Chart Hints At Potential Bullish Breakout Setup
Source: TradingView
The above chart unveils a promising Immediate Breakout Buy Setup" for MATIC. This market setup signifies that the price has successfully breached a trendline and is retesting.
According to this pattern, it's anticipated that the price may undergo a decrease until it aligns with the trendline from an upper position. Notably, this setup implies a prospective upward bounce at that juncture.
By adhering to this pattern, there's a potential for a considerable 120% surge from the current price of 0.547 to the major resistance zone at $1.1458. However, if the market fails to follow this analysis and drops below the support level of $0.5297, the coin will continue its channel-down technical chart pattern.
Immutable zkEVM Testnet Could Boost Polygon Adoption Increasing Asset PriceA few months ago, Polygon Labs and Immutable revealed theirpartnership to build Immutable zkEVM with the help of Polygon.
Presently, they've introduced theImmutable zkEVM Testnet. This modern gaming tech combines a strong community and super scalable infrastructure using the best ZK knowledge.
The new Immutable zkEVM chain is special because it's the first made for games. It's like a special road for games that's easy to use, not expensive, and can handle lots of players. This chain mixes the good parts of two technologies and works with the popular Ethereum system.
Players can also use all the fun stuff Immutable offers for games. Meanwhile, with Immutable zkEVM, you can make more money with your game, keep your players safe, and make playing easy.
And now that the test version is out, it's simple to start using it for your game. You can try out different things, like making game items, testing how your game's economy works, and making your game even better.
The introduction of Immutable zkEVM on Polygon could boost the Polygon coin by attracting more users and developers to the network due to its gaming-friendly features and scalability.
This increased adoption could lead to higher demand for Polygon's services, driving up the value of the Polygon coin and enhancing the overall network activity.
Sonik Coin ($SONIK) Goes Viral with $309 Thousand Presale AchievementSonik Coin ($SONIK) is a budding crypto initiative that recorded an astonishing milestone of $150 thousand within two days after the presale launched. This shows that the token is gaining visibility from investors and may perform well when launched on DEX and CEX.
The project was inspired by Sonic the Hedgehog, a video game series that made multi-million dollars.
According to the project'sofficial website, the token is expected to reach a $100 million market cap within a short time in the presale session. This will make $SONIK the fasted meme project to achieve such a record.
$SONIK's Impressive PresaleThe project has only one presale stage. Today it has raised over $309,000 at the selling price of $0.000014. This is a lucrative entry price for investors, and the project is expected to launch at a market cap of more than $4 million.
Sonik Coin has a total token supply of more than 299 trillion, representing the speed of light. This speed is what the Sonik founders believe the token could utilize to reach the project's hard cap of over $2 million.
Interestingly, the project team adopted stake to earn scheme to ensure that $SONIK's market value on crypto exchanges remains stable.
Staking Rewards, A Key Thriving Force in Sonik CoinAgain, investors who stake the token can share 40% of the total token supply allocated for staking rewards. This 40% will be distributed to beneficiaries within four years. Despite that, they will earn a high APY.
With this feature, Sonik Coin portrays itself as a long-term investment in the crypto meme sector with the potential of increasing market value.
Furthermore, the project's founders kept 10% of the $SONIK tokens for decentralized exchange liquidity. This approach will foster a seamless trading experience and make the toke accessible while improving price stability.
$SONIK's Growing Community
Sonik Coin is gradually growing in community base, and itsTwitter handlehas 819 followers and 828 subscribers onTelegram. This will boost the project's popularity which will also have a positive effect on the token's market price in the future.
countdown is on
Dafuk you waiting for? join now!
https://t.co/NkNhQrYwbS pic.twitter.com/LDD3Jtbs7H
- SONIK COIN (@Sonikcoin) August 22, 2023
To join the early investors, visit theproject's website, connect with a dApp crypto wallet, and use ETH or USDT to acquire $SONIK. Investors can claim their tokens after the presale.
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