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Polygon (MATIC) Finds Support at $0.60; Further Decline Ahead or Rebounding?

Rida Fatima Crypto Journalist Author expertise
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The Polygon (MATIC) price has found support around $0.60, suggesting a potential stabilization point. However, it is uncertain whether it will continue declining or start rebounding.

In the past 24 hours, MATIC has lost almost 3% of its price. The bearish sentiment extends to the weekly and monthly timeframes, as MATIC is down 13% and 10%, respectively.

Surprisingly, Polygon is outshining Ethereum in central network data despite the downtrend. Earlier this month, the network addresses recorded significant growth. This network growth, alongside the latest ecosystem development, could facilitate an imminent recovery for MATIC. 

Polygon (MATIC) Recent Price Action

Polygon (MATIC) has been on a bearish trend since April, with an over 31% price decline in the last 30 days. MATIC dropped from $0.94 in April to its current value of $0.62 but rebounded to $0.77 in May.

However, the price increase was short-lived, as MATIC plummeted again to $0.64 and has since been consolidating within this region. Yesterday, June 11, 2024, the broader crypto market went downward as BTC dropped significantly to $66,000. As a result, MATIC fell below $0.64.

There are signs of recovery in the market today, and MATIC has broken above $0.64 again. But for long? Can MATIC rebound to $1, as witnessed in March? 

Polygon Launches New Grants Program with 1 Billion Token

The latest development within the Polygon ecosystem will likely be the potential bullish catalyst for MATIC. Polygon Labs just announced a community grant program. Through this program, Polygon Labs will give $1 billion in MATIC coins to deserving developers who build on the Polygon Network.

The fund will spread over ten years. The program kicked off yesterday, June 11, 2024, with $23 million worth of MATIC tokens allocated for Season 01. This move shows that Polygon supports innovators who can help the network grow.

According to a blog post, the Community Treasury Board will oversee the movement of grants. This board will work closely with grant allocation experts to ensure the money goes to suitable projects with long-term potential. Further, potential beneficiaries must be projects built on Polygon with long-term vision.

Impact on MATIC Token

The launch of Polygon’s Community Treasury program could have several positive effects on the MATIC token. First, it would enhance MATIC’s utility and value proposition by providing financial support to projects built on the platform. 

Demand for MATIC will likely increase as more projects join the ecosystem and utilize MATIC tokens for transactions and governance. Additionally, the program’s focus on long-term sustainability and innovation could attract more investors and developers to Polygon, further bolstering the MATIC token’s value over time.

In other words, Polygon’s ecosystem is poised for expansion, potentially leading to a price increase for MATIC. Meanwhile, the daily chart reveals some interesting facts about MATIC’s future.

MATIC Price Analysis – Can it Sustain the $0.60 Support Level?

Polygon (MATIC) Finds Support at $0.60; Further Decline Ahead or Rebounding?

From the chart above, MATIC shows signs of rebounding. The price has recently touched and bounced from the $0.60 support level, which could ignite a bullish sentiment.

If the ongoing momentum continues, MATIC’s price might surpass the 50-day Simple Moving average (SMA). This would be a positive signal for traders and investors. In addition, the MACD shows fading red histogram bars, suggesting that selling pressure is diminishing and buyers are entering the market. 

Polygon (MATIC) Finds Support at $0.60; Further Decline Ahead or Rebounding?

Moreover, the price is currently at the lower part of the Bollinger Band indicator. This setup often signals that a retracement is imminent. 

Even though waiting for confirmation before initiating trades is essential to avoid false signals. The Relative Strength Index (RSI) for MATIC once dropped below 30. This indicates that the asset is oversold, often triggering potential reversal from bearish pressure.

Given the current technical indicators and the latest market developments, MATIC has the potential to move upwards. While MATIC’s rebound remains speculative, other low-cap gems with 10x growth potential, like PlayDoge, have captured investors’ attention. 

PlayDoge Presale Eyes $4 Million; Will it Soar After Launch? 

PlayDoge (PAY), an upcoming dog-themed meme coin, has raised more than $3.9 million from presale. The project is a few bucks from hitting its $4 million target. PlayDoge is bringing back the charm of the ’90s virtual pet craze with a modern twist, allowing players to adopt and care for a pixelated Doge while earning in crypto. 

This blend of nostalgia, simplicity, and earning potential drives player engagement and investor interest. In 2024, this could position PlayDoge as the following 100x meme coins.

Players engage with their pets by performing basic tasks like feeding, playing mini-games, and ensuring they are happy and healthy.

One of PlayDoge’s unique features is the reward system. Users can earn PLAY tokens by taking care of their virtual Doge and completing tasks. The Play2Earn system adds real-world value to the game, incentivizing players to stay. 

That’s just one way to earn from this project. It also has a staking feature that allows one to earn up to 252% APY from staked tokens. PlayDoge’s presale has been immensely successful since its launch two weeks ago.

Early investors have shown significant interest, pushing the presale amount closer to the $4 million mark. The PLAY tokens are currently available for just $0.00506 each, offering a low entry point for early investors.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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Rida Fatima Crypto Journalist

Rida Fatima Crypto Journalist

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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