After its bullish shindig seen last week, Polygon (MATIC) price is now going the opposite direction as it continues to plunge to $0.60. MATIC is seen to have plummeted by more than 20% in comparison to its peak high of $0.97 as seen in the past couple of days. The coin’s price has dropped below the support line of $.080 and shows no sign of a slowdown. The MATIC/USD has declined by 3.66% or at $0.74 as of this writing. CoinMarketCap is also showing a 10% slump in the 24-hour trading volume which is at $815,456. On the brighter side, the daily chart shows the MATIC price going for a bullish or Inverted Head & Shoulder formation. Related Reading | Polygon (MATIC) Looks Set For A Retracement After Recent Gains Current Technicals Bearish For MATIC The breach started on July 13 and registered a peak high of $0.97 as seen on July 18. But, the bulls weren’t able to hold on to their gains and dropped miserably. The daily chart showing two red consecutive candlesticks implies that the bears will not go up anytime soon. Meanwhile, a breach below the $0.70 mark confirms MATIC’s dominance and that the next support is at the $0.60 mark. The current RSI is showing bearish momentum now at 50 or falls below the average line. More so, the MACD bullish indicator is also showing signs of a slowdown. On two separate hourly time frames, Polygon was caught to be heading for a bull run in the short term. The price was captured to be going towards the descending route. It also formed the Flag & Pole pattern which is bullish and has the support level held close at 50%. Once the current support at $0.7495 is breached, then a decline may be apparent at $0.6895. On the other hand, if buying pressure mounts from the lower level, a surge that shoots towards the $0.8155 and $0.905 levels can be expected. MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com Polygon Rolls Out ZKEVM Polygon is popular for its remarkable improvements in terms of speed and affordability. Its efforts have been in tune with scaling ETH since the day of its launch. However, Polygon has faced enormous challenges such as when ZK rolled up its smart contracts which have restricted users as the contracts are said to be costly, incompatible, and sluggish. But, Polygon decided to improve and resolve issues with the rollout of ZKEVM. Polygon created ZKEVM to be compatible with ETH. Now, developers can build on ZKEVM similar to Ethereum. In effect, any ETH smart contact or tool which works well with Ethereum can work too with Polygon ZKEVM. With that in mind, the ETH network can be easily leveraged to take advantage of the enhanced speed and reduced costs. Related Reading | Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide Featured image from The Daily Hodl, chart from TradingView.com
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Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more than 16% following the disastrous crypto market scenario. Other crypto tokens that are also competitors to Ethereum have had massive double-digit losses in the last 24 hours. AVAX, considered the 13th biggest cryptocurrency with a market cap of $7.6 billion, has dramatically sloughed off over 16% of its TVL in the past few hours, and is now trading at $27.94. AVAX Treading The Bearish Path AVAX is leading the bearish action, which has placed the token down by 80% compared to its all-time high, which registered an impressive $146.22 in November 2021. The downward trend is triggered by the sluggish growth of different DeFi projects hedged on Avalanche. Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days Avalanche – Ethereum Rival Ethereum is said to be slow and expensive in pricing, which paved the way for the creation of Avalance, which is eco-friendly, fast, and affordable. Avalance was created by Ava Labs, co-founded by Kevin Sekniqi, Emin Gün Sirer, and Maofan “Ted” Yin. The Ethereum-killer, Avalanche, is a blockchain that combines the trailblazing speed in confirmation times plus scaling capabilities using the Avalanche Consensus Protocol, which can process over 4,500 transactions per second (TPS). AVAX total market cap at $8.98 billion on the daily chart | Source: TradingView.com Avalanche went live and was launched in September 2020 and is considered one of the most reputable blockchains giants. Avalance now has a TVL of $11 billion, ranking it as the fourth-largest DeFI-based blockchain, following Terra and Binance Smart Chain. Avalanche has derived some protocols from Ethereum that you can experience in their DeFi ecosystem, including SushiSwap, decentralized exchange protocol, and Aave, its lending protocol. DeFi Projects TVL Down by 8.57% The TVL of DeFi protocols on the Avalanche blockchain is currently down by 8.57% in the last 24 hours or at $4.74 billion. This is relatively low compared to its all-time-high TVL, which went as high as $13.7 billion on December 2, 2021. The dip that registered at 7.5% was pretty significant for AVAX. TraderJoe, considered the most prominent decentralized exchange on Avalanche, plunged to 12.84 % in terms of the user base. Liquidity also decreased from $982 million to $577 million in barely a month. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Total active wallets found on the Avalanche network escalated to over 2.8 million yesterday, which is its all-time high. However, despite the increase in active wallets, the token still was bearish. To make matters worse, Avalanche total transactions have also dipped to only 358,474 from 800,000 last week. The numbers have plummeted miserably, especially if you compare the figures to its all-time high, which registered at 1.1 million daily on January 27, 2022. Featured image from Saanich News, chart from TradingView.com
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