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In the dynamic world of cryptocurrency trading, MATIC, a native token of the Polygon network, has encountered a significant hurdle as it faces rejection at a crucial trend line.
This development has sparked a cautious sentiment among traders prompting them to explore short positions on lower time frames to capitalize on potential market movements.
Read on to know whether the crisis would lead to the collapse of MATIC!
The trend line, serving as a technical indicator, has become a focal point for many traders analyzing the price action of MATIC against USDT (Tether).
As of the present moment, the token’s upward momentum appears to have been temporarily halted, leading to a growing interest in short-selling strategies.
Renewed Focus on Lower Time Frames: Explained
The rejection at the trend line has instigated a renewed focus on lower time frames, where traders believe they can identify short-term market trends and capitalize on potential price declines.
By closely monitoring these shorter time frames, traders aim to take advantage of potential fluctuations in the market to maximize their profitability.
$MATIC#maticusdt is getting rejected at this trend line as of right now.
— cryptoworld02 (@cryptoworld0222) May 29, 2023
It’s best to look at shorts on lower time frames at this point of time for #MATIC #Crypto #trading #tradingsignals #cryptocurrency #cryptotrading pic.twitter.com/X7IRfjEWNh
Is MATIC heading toward a collapse?
While the rejection of the trend line may indicate a short-term obstacle for MATIC, it is essential to consider the broader context surrounding the token’s performance.
Generally, price movements in the cryptocurrency market are influenced by a myriad of factors, including market sentiment, fundamental developments, and external events that can impact the token’s value.
Polygon’s current price is $0.9069635 per MATIC/USD, with a market cap of $8.42 billion USD. Over the past 24 hours, it has seen a trading volume of $285.25 million USD. Polygon has experienced a -2.56% change during this period. Its circulating supply amounts to 9.28 billion USD.
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