Ethereum

Bitcoin

Polygon

<ul>
 <li><strong>MATIC lost over 10.20%, trading at a low of $0.4497 in the last 24 hours.</strong></li>
 <li><strong>Polygon plans to migrate MATIC to POL token on September 4.</strong></li>
</ul>
<p>The overall crypto market is under downside pressure, and the market cap has plummeted by over 3.30% to $2.11 trillion. Leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have crashed by over 4%. However, Polygon (MATIC) has drawn attention by topping the losers list, declining by 10.20% over the past 24 hours.</p>
<p>The token opened the trading day at $0.5011, but it could not break the nearby resistance at $0.5078. During this timeframe, the token has fell to a low of $0.4449. Amid this dip, the asset’s daily trading volume has increased by over 71%, standing at approximately $408 million. At press time, MATIC was trading at $0.4497, according to CMC <a href="https://coinmarketcap.com/currencies/polygon/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;</p>
<p>Notably, over the past 24 hours, the asset has experienced a $1.81 million liquidation, as per Coinglass data. The Open interest in MATIC contracts also <a href="https://www.coinglass.com/currencies/MATIC" target="_blank" rel="noopener noreferrer nofollow">witnessed</a> a decrease of over 9% to $147.74 million.&nbsp;</p>
<p>On the other hand, Polygon has <a href="https://thenewscrypto.com/polygon-wallet-sees-major-activity-ahead-of-token-upgrade/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that the MATIC token will migrate to POL, on September 4. The new token will replace MATIC as a native gas and staking token for the <a href="https://thenewscrypto.com/polygon-discord-channel-breach-sparks-security-concerns/" target="_blank" rel="noopener noreferrer nofollow">Polygon</a> Proof-of-Stake (PoS) network.</p>
<h3 class="wp-block-heading" id="h-will-matic-bulls-revive">Will MATIC Bulls Revive?</h3>
<p>MATIC has shown a declining pace over the last month, noting a dip of over 12.75%. The asset plunged to $0.3508 from $0.5227. In the past seven days, the asset has witnessed a 4.23% drop. At the beginning of the week, the altcoin were trading at $0.4711. In the following days, it climbed to a high of $0.5793.&nbsp;</p>
<p>If MATIC sustains in the bearish trap, without recovering, it will likely find nearby support at $0.4173. However, if the bulls break the bear hold, the asset can test its nearby resistance at $0.4753 soon.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeFChU074AW83zHnmF_cHnz2UIDwNZYROan6PDmzdha1RE36Olc2lthMkttSjdLQCb1FmJ3xywLYCuA5DR90iir0tnSeMO-xHGdn9P2oITFaTYXFwYmROkGf-Rq9ciSQXdRUBigOtSX0quBDFiTF9lOuq2l?key=Rk00EAD_NCYmZJWvodWPIQ" alt="">
 </figure>
</div>
<p>The daily price chart confirms MATIC’s bearish momentum with the short-term 9-day MA at $0.5077 and the long-term 21-day MA at $0.4563, above the current price. Besides, the price dip triggered the token to stay in the neutral market sentiment, as the daily relative strength index (RSI) stood at 45.38.&nbsp;</p>

Polygon (MATIC) Suffers the Worst Losses in Latest Market Dip

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