The recent move by Binance to delist the MATIC/TUSD trading pair has raised worries among investors and experts regarding the potential impact on Polygon’s pricing. Although delisting this specific pair does not imply the entire withdrawal of MATIC from Binance, it raises concerns about how this shift may affect the coin’s market dynamics and price fluctuations.
As of press time, Polygon (MATIC) is trading at $0.5287, up 0.45% in the last 24 hours. The cryptocurrency is now near necessary support and resistance levels, which may impact its short-term performance. The major support level is $0.52, which has repeatedly served as a solid floor for MATIC. This level has been attempted many times, and each time, it has helped blunt the decline and set up the bounce.
Also Read: Bloomberg Businessweek Apologizes to Binance and Changpeng Zhao, Retracts 2022 Article
Key Support and Resistance Levels for MATIC
Another support level is around $0.50, which many investors consider a critical psychological threshold. Maintaining a position above this level is essential to preserving a solid market mood and investor confidence. However, if MATIC falls below this crucial $0.50 level, it may suggest a more negative trend, signaling a market slowdown and perhaps leading to more price drops. On the other hand, MATIC faces stiff bearish pressure if it is to trade below $0.54, a level the coin has been unable to surpass in the last few months. They also suggest overcoming this resistance could mean a bullish trend and possibly an upward price movement. The $0.56 mark also represents another resistance point; surpassing this could lead to an extended bullish phase.
In the last 24 hours’ volume has been reported to be $190.5 million, and its market position has been ranked 30 with an increase of 45.56%. This uptick in trading volume may signal that traders are preparing for potential price changes. The volume-to-market cap ratio currently stands at 6.04%, thus finalizing the argument that a substantial part of the total market confirms that a significant proportion of the overall market cap is turning over. The market capitalization of Polygon is $5,232,743,562, and it ranks 21st in terms of valuation which is a significant market cap that puts it in a special place in the crypto sphere. The trading volumes have risen, and following the current technical analysis signals, there may be a breakout.
Technical Indicators Point to Market Sentiment
The relative strength index (RSI, 14) for 1 – day is 46.80, suggesting that the trading sentiment on MATIC is slightly more bullish than bearish but not exceptionally. This means the asset is not overbought yet. On the other hand, the 1-day Moving Average Convergence Divergence (MACD), a short-term indicator, is above the signal line and points towards an upward trend.
While Binance’s decision to delist the MATIC/TUSD trading pair has raised concerns, the current market conditions and technical indicators suggest that MATIC is poised for potential movement. This way, its long-term investors and traders will observe these changes and be positioned to predict the coin’s prospects. The higher trading volume and significant support and resistance levels influence MATIC’s next move in the highly unpredictable crypto market.
