MATIC Backpedals Into Bearish Track Despite Its Social Dominance

MATIC Backpedals Into Bearish Track Despite Its Social Dominance


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?

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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

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