Polygon

Amid ongoing challenges in the realm of cryptocurrency, the overall market is experiencing a price decline. Following these challenges, Polygon (MATIC) has gathered everyone’s attention as its price slipped below a crucial level. MATIC breaches its crucial support zone 
According to the recent report by IntoTheBlock, an on-chain analytic firm, MATIC has experienced a price drop below a critical price range of $0.84 to $0.86, which is held by 14,240 addresses with over 4.13 billion MATIC. If the Polygon price stays below this range, there’s a growing risk that these holders may sell to prevent substantial losses. This concern has also been noted by a prominent trader and analyst, Ali on X (previously Twitter). Factors contributing to MATIC’s price decline 
The major reason behind this price decline was the recent<a href="https://news.todayq.com/polygon-matic-drops-amid-broad-market-recovery-heres-why/"> Polygon Ecosystem Growth initiative</a>, which successfully completed a substantial distribution of 217 million MATIC tokens valued at approximately $198 million. These tokens were distributed among 70 wallets. The decline was also influenced by the <a href="https://news.todayq.com/binance-legal-troubles-continue-what-next-after-4-3-bln-settlement/">criminal case against Binance’s ex-CEO CZ</a> and the recent <a href="https://news.todayq.com/krakens-jesse-powell-warns-us-crypto-exchanges-calls-sec-top-decel/">SEC lawsuit against the cryptocurrency exchange Kraken for securities law violations</a>. MATIC price status and short-term movements 
As of now, MATIC is trading near $0.77, and in the last 24 hours, it has shown minor upside movement. However, over the last 7 days, it has experienced a significant price decline of over 9%. If we look at the last 30 days, MATIC’s price has demonstrated a massive upward momentum of over 24%, surpassing major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which have only experienced 10.5% and 17.5% growth, respectively, in the same period. 
Data also indicates that the majority of MATIC tokens, around 81.5%, belong to holders who bought them at higher prices. Only 18% of MATIC holders have bought in the money. 
Currently, MATIC is trading above its 200 Exponential Moving Average (EMA), which still supports MATIC staying above the next crucial zone, which is around $0.722. This is considered MATIC’s strong demand zone. According to technical analysis, if this level is breached, MATIC might experience a price decline. 
© Todayq News

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