- MATIC’s bearish trend persists despite the Polygon 2.0 upgrade, reflecting profit-taking and hesitant derivative investors.
- Falling market cap and trading volume signal waning investor confidence in MATIC’s current price.
- Overbought conditions and lack of buying activity may lead to further MATIC price decline.
The Polygon (MATIC) market has witnessed significant adverse sentiment in the recent 24 hours, with prices plummeting to an intraday low of $0.5458 despite the launch of the Polygon 2.0 upgrade.
Consequently, MATIC was trading at $0.5543 at press time, down 1.44% from its intraday high. The adverse attitude might be linked to profit-taking by investors who may have expected a price increase due to the upgrading.
MATIC/USD 24-hour price chart (source: CoinStats)
Furthermore, Polygon’s Binance Funding Rate went red, suggesting that derivatives investors hesitated to purchase MATIC at its present price. Furthermore, the growing Exchange Reserve indicates more significant selling pressure on the token as more investors deposit MATIC tokens into exchanges, presumably suggesting a willingness to sell.
With a decrease of 1.46% and 18.80%, respectively…
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