April

Polygon

<ul> 
 <li>Polygon (MATIC) has been in a bearish trend for the past two months.</li> 
 <li>The price has entered the Ichimoku Cloud, and a breakout above the 0.618 Fibonacci retracement level.</li> 
 <li>Nearly 2% of the total MATIC supply has been allocated to smart contracts over the past two months.</li> 
</ul> 
<a href="https://thenewscrypto.com/?s=Polygon" target="_blank" rel="noreferrer noopener">Polygon</a> (MATIC) has been experiencing a bearish trend over the past two months, as evidenced by its price consistently trading below the EMA 100 (Exponential Moving Average 100). However, a closer examination of key indicators such as the EMA 100, the Ichimoku Baseline, and the Ichimoku Cloud suggests that a significant bullish breakout may be on the cards. 
Let’s dive into the price movements of Polygon (<a href="https://thenewscrypto.com/?s=MATIC" target="_blank" rel="noreferrer noopener">MATIC</a>) using the 1-day chart, with a focus on the EMA 100, the Ichimoku Baseline, and the Ichimoku Cloud. 
The EMA 100, represented by the blue line on the chart, has been acting as a significant resistance level for Polygon’s price. Over the past two months, MATIC has consistently traded below this level, reinforcing the bearish sentiment in the market. The last notable attempt to break above the EMA 100 occurred on April 9, but it was met with strong selling pressure, further confirming the bearish trend. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="567" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-32-1024x567.png" alt="" class="wp-image-100126" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-32-1024x567.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-32-300x166.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-32-768x426.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-32.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<h2 class="wp-block-heading" id="h-polygon-matic-technical-analysis-insights-from-the-1-day-chart">Polygon (MATIC) Technical Analysis: Insights from the 1-Day Chart</h2> 
The Ichimoku Baseline, depicted by the red line on the chart, serves as a dynamic support level. Polygon’s price has repeatedly approached this baseline but has struggled to sustain below it, indicating consistent buying activity at these price levels. 
Interestingly, the price has recently entered the Ichimoku Cloud, a region known for increased volatility. The lower boundary of the cloud is currently acting as a support level, and breaking through this level appears to be a challenging task. As the price navigates within the cloud, a breakout is expected to further intensify the volatility. 
A higher percentage of MATIC in smart contracts indicates more active network use, which could mean more people are using MATIC for DeFi, staking, or other applications, showcasing the token’s utility and demand. 
Over the past two months, nearly 2% of the total supply has been allocated to smart contracts. When more tokens are locked in smart contracts, fewer are available in the market, which can reduce supply and, depending on demand, potentially lead to an increase in price. 
If the price manages to break above the EMA 100, it would signal a potential bullish reversal. Given that this level has been a strong resistance, a breakout above it could lead to significant upside potential for Polygon’s price. 
Over the past two months, nearly 2% of the total supply has been allocated to smart contracts. This increase in smart contract activity suggests more active network use, which could positively impact the price. Monitoring this metric can provide valuable insights into the network’s health and potential demand for MATIC.

Polygon (MATIC) Price Analysis: Potential Bullish Breakout on the Horizon

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