Primarily, Bitcoin (BTC), as well as altcoins, are experiencing trend shifts while Polygon‘s Layer 2 and Polygon zkEVM face an issue that could negatively impact network usage. Data from the 21milyon.com website reveals that MATIC bears are dominating the market, leading to a price drop of over 6% in the last seven days.
Current Data on MATIC
However, the token’s value has increased by more than 1.5% in the last 24 hours. As of this writing, MATIC is trading at $0.9874 with a market value of over 9.7 billion dollars, making it the 16th largest cryptocurrency. The highly volatile price movement of MATIC continues to be a topic of discussion in the cryptocurrency space, which is also evident from its consistently high social volume. Despite this, the weighted sentiment for MATIC has shifted into negative territory.
This could mean that a bearish trend is prevailing in the market. An analysis of MATIC’s daily chart shows that the MACD indicates a clear bearish trend, suggesting that the downtrend could persist. Polygon’s Chaikin Money Flow (CMF) has recorded a sharp decline, indicating a high probability of a price drop at the time of writing. However, MATIC’s price has rebounded from the lower boundary of the Bollinger Bands.
Network Issues with MATIC
The mentioned situation could be a sign of an upcoming bull rally. While MATIC’s price movement remains volatile, the L2 zkEVM recently encountered an issue. According to an official tweet, the zkEVM Mainnet Beta faced a problem with its sequencer due to a restructuring on L1.
The issue affected only the Polygon zkEVM and did not impact the PoS blockchain, Polygon CDK, or any chains deployed using Polygon CDK. Data shows that the daily active addresses of L2 have dropped after a sharp increase, which also negatively affected its daily transactions since March 21st.
