{"id":380754,"date":"2024-04-02T00:00:01","date_gmt":"2024-04-01T18:30:01","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=380754"},"modified":"2024-04-01T23:51:19","modified_gmt":"2024-04-01T18:21:19","slug":"will-matic-hit-2-ahead-of-bitcoins-halving","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-matic-hit-2-ahead-of-bitcoins-halving\/","title":{"rendered":"Will MATIC hit $2 ahead of Bitcoin&#8217;s halving?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bearish sentiment around the token increased.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">$0.93 was MATIC&#8217;s next crucial support level.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/polygon-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><\/a><span style=\"font-weight: 400;\"> crossed a critical resistance zone in the last few days that hinted at yet another bull rally. However, things were quick to change as MATIC\u2019s value dropped sharply on the 1st of April. Will MATIC bears control the beginning of Q2?<\/span><\/p>\n<h4><b>Polygon investors are in shock\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">World of Charts, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/twitter.com\/WorldOfCharts1\/status\/1774356314682220607?s=20\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting the fact that MATIC managed to break above a resistance level. This was the case as its price increased toward $1. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If MATIC tested that level, then the token&#8217;s price could have reached $1.01. However, that did not translate into reality as the token witnessed a price correction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, MATIC was down by over 3% in the last 24 hours alone. At the time of writing, it was trading at $0.9659 with a market capitalization of over $9.5 billion, making it the 17th largest crypto. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price drop also had an impact on its social metrics. Polygon\u2019s social volume increased, reflecting that the crypto space was talking about the token. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bearish sentiment around it also increased substantially, which was evident from the massive dip in its weighted sentiment.\u00a0<\/span><\/p>\n<figure id=\"attachment_380762\" aria-describedby=\"caption-attachment-380762\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024.png\"><img decoding=\"async\" class=\"wp-image-380762 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024.png\" alt=\"Bearish sentiment around Polygon increased\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Polygon-on-Polygon-MATIC-11.47.31-01-Apr-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-380762\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto then checked Hyblock Capital\u2019s data to understand what caused this downtrend. Our analysis revealed that MATIC\u2019s liquidation skyrocketed when its price touched $1. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">High liquidation means high selling pressure, which generally causes price drops. The worst part was that MATIC wasn\u2019t able to test its support level near $0.97 and fell under. This\u00a0 indicated that the token\u2019s price might go down further. <\/span><\/p>\n<figure id=\"attachment_380763\" aria-describedby=\"caption-attachment-380763\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-380763 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM.png\" alt=\"\" width=\"2560\" height=\"1214\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-300x142.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-1024x485.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-768x364.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-1536x728.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-2048x971.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.50.08\u202fAM-1200x569.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-380763\" class=\"wp-caption-text\">Source: Hyblock Csapital<\/figcaption><\/figure>\n<h4><b>Will Polygon\u2019s downtrend last?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">To understand whether the downtrend would last, AMBCrypto took a look at CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/matic\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">. We found that MATIC\u2019s exchange reserve was increasing, meaning that selling pressure on the token was high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other bearish metrics were its daily active addresses and transaction volume, which also declined in the recent past.\u00a0<\/span><\/p>\n<figure id=\"attachment_380764\" aria-describedby=\"caption-attachment-380764\" style=\"width: 2026px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-380764 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM.png\" alt=\"\" width=\"2026\" height=\"592\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM.png 2026w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM-300x88.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM-1024x299.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM-768x224.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM-1536x449.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-11.53.42\u202fAM-1200x351.png 1200w\" sizes=\"(max-width: 2026px) 100vw, 2026px\" \/><\/a><figcaption id=\"caption-attachment-380764\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p style=\"text-align: center;\">\n<p><span style=\"font-weight: 400;\">The technical indicator MACD displayed a clear bearish advantage in the market. Its Relative Strength Index (RSI) registered a sharp downtick.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon\u2019s [MATIC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On top of that, Polygon\u2019s Chaikin Money Flow (CMF) also followed a similar declining trend, hinting that the chances of a continued price decline were high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the downtrend continues, investors must watch out for the $0.93 resistance zone, as a plummet under that could be concerning.\u00a0<\/span><\/p>\n<figure id=\"attachment_380765\" aria-describedby=\"caption-attachment-380765\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31.png\"><img decoding=\"async\" class=\"wp-image-380765 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31.png\" alt=\"\" width=\"2710\" height=\"1516\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-2048x1146.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/MATICUSDT_2024-04-01_11-57-31-1200x671.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-380765\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Polygon failed to test a bullish pattern and dropped by 3% in the last 24 hours. Can it recover?<\/p>\n","protected":false},"author":75,"featured_media":380766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,6382,4,20],"tags":[],"class_list":["post-380754","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-polygon-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will MATIC hit $2 ahead of Bitcoin&#039;s halving? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Polygon [MATIC] crossed a critical resistance zone in the last few days that hinted at yet another bull rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/will-matic-hit-2-ahead-of-bitcoins-halving\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will MATIC hit $2 ahead of Bitcoin&#039;s halving? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Polygon failed to test a bullish pattern and dropped by 3% in the last 24 hours. 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