NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

MATIC Backpedals Into Bearish Track Despite Its Social Dominance

Christian Encila
Christian Encila
Last Updated: November 19, 2022 1:32 pm
2 mins read
MATIC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The current state of MATIC and Polygon’s crypto ecosystem ranks among the worst. It took a toll on In the wake of FTX’s demise, the industry-wide contagion has impacted other projects, Polygon among them.

Despite this, Polygon is in the top three DeFi companies in terms of revenue. However, Polygon and its native coin is seen to continue to bear the brunt of the pains from the collapse of FTX.

Can MATIC truly rally now, as it falls to its support at $0.82 despite its social dominance?

Related Reading

Bitcoin Cash On Downward Motion Since Breaching $105 Level – Here’s Why

2 years ago

For MATIC, It’s A Narrow Market

At the moment, MATIC is trading at $0.861, with a fairly narrow green candle. Indicator BB shows a point of maximum pressure at around the same price.

Coupled with the bearish formation of a descending triangle, this spells doom for MATIC over the following days.

Past results show that the token has also had trouble gaining traction. Available data on CoinGecko shows that MATIC is currently experiencing a losing run across all timeframes, with the monthly timeframe being the only exception, posting a gain of 2%.

Image: TradingView

According to CoinMarketCap’s on-chain research engine, the majority of MATIC holders are now in the red, with over 66% of the coins held in that spot.  These are all bearish indications that the situation may deteriorate.

Given that Polygon is an L2 for Ethereum, it is not surprising that MATIC and ETH have strong connections. Currently, the correlation coefficient between the two is 0.75. This indicates that the price movements of the two strongly correlate with one another.

Investors and traders should monitor this signal, as any significant price change in ETH could aid Polygon’s comeback. Overall, though, investors and traders should anticipate MATIC to surpass $0.851

Bulls should seek support at $0.772.

Bearish Breakout Expected 

Similar to what was stated previously, MATIC’s strong correlation with ETH can be a significant challenge for support but a significant boost for an uptrend.

Despite Polygon’s social dominance, the loss of market confidence will surely cause the price of MATIC to decline.

A short position at or below the current market price will mitigate the bearish market action. With the Bollinger band indicating a significant MATIC price decline, we can anticipate a bearish breakout in the next days.

As that day approaches, MATIC bulls can only pray for a miracle in order for a recovery to occur.

Related Reading

Litecoin

Litecoin (LTC) Up 8% In Last 24 Hours, The Biggest Gainer Out Of Top 20 Cryptos

2 years ago

MATIC total market cap at $7.5 billion on the weekend chart | Featured image from Daily Hodl, Chart: TradingView.com
Tweet123Share196ShareSend
Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Polkadot

Polkadot Break Above $2.85 Ahead? Reversal Setup Forms Beneath Heavy Resistance

Polkadot’s price action is beginning to hint at a possible shift in momentum, with a reversal setup forming just below...

Godspower Owie 5 hours ago
XRP

Future XRP Holders Might ‘Poop Their Pants’ When Price Slips From $1,200 To $1,000—Analyst

XRP community figure Diep Sanh made a tongue-in-cheek prediction about future market behavior, saying investors would be “Shi**ing their pants”...

Christian Encila 6 hours ago

比特幣暴跌真相〡情緒性拋售堅守100K底線 2,600萬美元資金回流Hyper幣預售

加密貨幣市場在劇烈震盪後重新企穩。本週比特幣(BTC)一度跌破10萬美元,市場陷入恐慌,但鏈上數據顯示,這次回調更多屬於情緒性反應,而非結構性崩盤。恐懼與貪婪指數暴跌至21,社群討論重心從山寨幣投機轉...

Mark Mak 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ripple

Ripple President States No Current Plans For IPO: What It Means For XRP Prices

Ronaldo Marquez 2 hours ago
SEI, dogwifhat, WIF, Celestia, Solana, tron, BNB, chainlink

Solana’s ETF Era Could ‘Redefine Its Position In The Crypto Hierarchy’ – Report

Rubmar Garcia 3 hours ago
리플, 마스터카드와 파트너십 체결…XRP 가격 전망은? 비트코인 급등 신호되나

리플, 마스터카드와 파트너십 체결…XRP 가격 전망은? 비트코인 급등 신호되나

Soyeon Lee 4 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨おすすめ:11月8日時点で注目の銘柄――XRP・ビットコイン・イーサリアム

    ...

    2 hours ago
  • ミームコイン市場で注目の新星:ペペ暴落の中で台頭する次世代プロジェクト

    ...

    3 hours ago
  • 次世代アルトコイン動向:ビットコイン拡張型L2が加速する理由

    ...

    18 hours ago
  • ドージコイン 今後:価格は安定も投資家心理は悪化 ― 反発の前触れか?

    ドージコイン...

    18 hours ago
  • リップル 今後の価格予測:アナリスト評価でビットコインに次ぐ第2位、ソラナやドージを上回る

    リップル...

    18 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.