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Over the past two months, Polygon’s price consistently traded below the EMA 100 average, shown by the blue line. This sustainable trade below the EMA 100 average highlights the bearish trend. The last significant attempt to rise above the EMA 100 average occurred on April 9th. However, this attempt faced substantial selling pressure, further strengthening the bearish trend.
Notable Details for MATIC
The Ichimoku Baseline, shown by the red line, stands out as a dynamic support level. The price approached it multiple times but managed to stay above this baseline, indicating stable buying activity at these price levels.
The price is trading within the Ichimoku Cloud, and the current lower boundary of the cloud, acting as support, appears to be a challenging level to break. The entry of the price into the cloud indicates increased volatility. A breakout within the cloud is expected to further increase this volatility. Additionally, the 0.618 Fibonacci retracement level within the cloud can be considered a critical resistance point.
Polygon’s price is testing this level, and a sustainable breakout above the 0.618 Fibonacci level could push it higher. This breakout could drive the price towards the upper boundary of the cloud and potentially higher resistance levels such as the EMA 100 and the 0.5 Fibonacci retracement line, located in the $0.78 to $0.80 range. Despite the prevailing bearish trend indicated by the EMA 100 and Ichimoku Baseline, the recent entry into the Ichimoku Cloud reveals potential for increased volatility and possible upward movements.
What’s Happening on the Polygon Front?
A smart contract is a self-executing contract where the terms are directly written into code, operating on blockchain networks like Ethereum and Polygon. When the conditions specified in the code are met, the contract automatically executes. The purple line currently represents the percentage of total MATIC tokens locked in smart contracts. These contracts may relate to decentralized finance (DeFi) applications, staking, or other blockchain-based services.
The percentage of MATIC in smart contracts during the specified period is noteworthy. There was a decline at the beginning of the period, followed by a steady increase. Around mid-April, there was a significant rise in the percentage, indicating an increase in smart contract activities on the Polygon network.
