Polygon (MATIC) continues its decline for the sixth consecutive day since June 25. At the time of publication, MATIC was trading at $0.44, down 9.27% in the last 24 hours and 9.08% since the past week. Avail, a modular blockchain designed to scale other blockchains, has been revealed as Polygon announces its testnet release. The data availability issue, which has hampered blockchain development for the past ten years, is hoped to be resolved by Avail. Avail functions by saving transaction information from any other blockchain and demonstrating the availability of the transaction information it has. Because it is designed specifically to serve this purpose, it can support the storage requirements of numerous blockchains at once. The entire Web3 space might gain more scalability because of Avail, as rollups and data availability layers enable the Ethereum ecosystem to scale like never before in the realm of modularity.
Key Levels
Resistance Levels: $0.850, $0.750, $0.565
Support Levels: $0.400, $0.317, $0.250
MATIC/USD Daily ChartAfter extended range trading, MATIC/USD falls from a day high of $0.497 to a low of $0.418 as the market tries to sustain below $0.475 support and falls towards the June low at $0.317. The distance between the MAs 50 and 200 is growing as they move bearishly, indicating that price volatility is rising. The $0.565 and MA 50 are the two primary levels of resistance for the pair.
On the downside, two separate support levels are attained by $0.317, and $0.250. The RSI shows that the market’s traction is constantly alternating between consolidation and bearish, although it is still below mid-50. Technically speaking, MATIC can start trading sideways inside the downside consolidation channel. The opposition will be met by price at the level of $0.317.
MATIC/USD 4-Hour ChartMATIC is currently aiming for a sustained rebound as it progressively ramps up along the 4-hour bearish channel and buyers’ confluence area, which is more clear beneath the moving averages (MA 50 and MA 200), where range trading is more evident. Once MATIC recovers from this area, the price targets for the short-term bulls would be $0.750 and $0.850 in extension.
On the negative hand, the price reversal seems to initially seek safety near the $0.400 low. The next support target is $0.317, which is the channel’s support until the going gets tough and this zone is breached. Given the current lack of consensus, it appears that a significant decision is just around the corner; as volatility picks up, the price may move in either direction.
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