Token

bullish

Polygon

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polygon-rebrands-matic-token-to-pol-as-investors-face-losses/" data-wpel-link="internal">Polygon Rebrands MATIC Token to POL as Investors Face Losses</a> 
Polygon‘s rebranding of the MATIC token to POL is set for September 4, causing speculation in the cryptocurrency world. This change is a significant part of the Polygon 2.0 roadmap, aiming to enhance the network’s security and utility. However, MATIC <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are in a dire and surprising situation. According to on-chain data, 97.74% of <a href="https://en.coin-turk.com/dwf-labs-purchases-2-5-million-axl-tokens-fuelling-interest-in-crypto-market/" data-wpel-link="internal">altcoin</a> investors are currently at a loss. This raises questions about whether the rebranding will generate enough excitement to revive the struggling altcoin. 
<h2 style="text-align: justify" id="strong-on-chain-data-paints-a-grim-picture-for-polygon-strong">On-Chain Data Paints a Grim Picture for Polygon</h2> 
Recent on-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data reveals</a> a bleak scenario for MATIC. The network’s daily active addresses and overall growth have been declining since mid-April 2024, with only occasional upward movements. During the sharp drop between August 11 and August 12, active addresses fell from 500,000 to 88,200, while transactions decreased from 130,000 to 16,900. This significant drop in user engagement indicates waning interest in the network. 
Adding to the challenges, the majority of MATIC investors are currently at a loss. Data from IntoTheBlock shows that 97.74% of MATIC investors are at a loss, while only 1.49% are in profit. 
This dire situation is exacerbated by whale activity, indicating that large investors are more inclined to sell during price rallies, further driving the price down. 
<h2 style="text-align: justify" id="strong-matic-gains-attention-with-ascending-triangle-formation-strong">MATIC Gains Attention with Ascending Triangle Formation</h2> 
Despite these headwinds, there are glimmers of hope. Technical analysis suggests that MATIC might be poised for a short-term bullish reversal. The price is forming an ascending triangle formation, a bullish indicator that could trigger a significant rally once it breaks above its upper resistance. Currently, MATIC is trading below both the 200-day and 50-day EMAs, but a breakout at the minor resistance of $0.4348 could lead to a test of $0.5047. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379276" src="https://coin-turk.com/wp-content/uploads/2024/08/Polygon-MATIC-Altcoin.jpeg" alt="" width="1280" height="538"> 
Currently, the Relative Strength Index (RSI) is neutral at 49.14, indicating that MATIC is neither overbought nor oversold, leaving room for movement in either direction. Additionally, the Chaikin Money Flow (CMF) indicator is positive at 0.13, suggesting some buying pressure that could trigger a breakout. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/polygon-rebrands-matic-token-to-pol-as-investors-face-losses/" data-wpel-link="internal">Polygon Rebrands MATIC Token to POL as Investors Face Losses</a></h5>
The post <a href="https://en.coin-turk.com/polygon-rebrands-matic-token-to-pol-as-investors-face-losses/" data-wpel-link="internal">Polygon Rebrands MATIC Token to POL as Investors Face Losses</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Polygon Rebrands MATIC Token to POL as Investors Face Losses

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