The launch represented a great start for the Polygon and Robinhood partnership. However, it is currently in beta, hence not yet ready for a mainstream impact. Furthermore, MATIC has been in free fall since the initial announcement. This means the announcement was not enough to shift the MATIC tides, and instead the Polygon native token has been bearish since mid-June.
MATIC’s price action remained suppressed despite the positive news. Nevertheless, there is a chance that the new launch may finally trigger positive investor sentiment. MATIC’s weighted sentiment still stood within its four-week lower range.Its performance reflected the lack of buy pressure in the market. MATIC’s supply distribution also revealed that some of the largest whales have been contributing to the downside.
A weighted sentiment shift would likely encourage a bullish outcome but that would require a catalyst or positive event. There are some observations which might be in favor of such an outcome. A good example is Polygon’s sharp uptick in network growth.Favorable network growth may also encourage investors especially after a bearish period. In case of such an outcome, MATIC bulls might soon attempt a short-term recovery rally.
MATIC traded at $0.73 at press time, a slight premium compared to its performance a week ago. Perhaps an indication that it is regaining its relative strength which would signify some relief after its bearish pattern break in mid-September.Despite it subdued performance, MATIC’s latest development is quite promising. It has potential to boost MATIC’s performance especially in the long-term.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »