Close Menu
    X (Twitter)
    Blockchain Journal
    • News
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • NFT
      • DeFi News
      • Polkadot News
      • Chainlink News
      • Ripple News
      • Cardano News
      • EOS News
      • Litecoin News
      • Monero News
      • Stellar News
      • Tron News
      • Press Releases
      • Opinion
      • Sponsored
    • Price Analisys
    • Learn Crypto
    • Contact
    • bandera
    Facebook X (Twitter) Instagram
    Blockchain Journal
    Home » Polygon MATIC Price Falls, Even After News of New Partnership

    Polygon MATIC Price Falls, Even After News of New Partnership

    0
    By jose on August 17, 2023 Companies, News, Polygon News
    Polygon MATIC Price Falls, Even After News of New Partnership
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The value of Polygon’s MATIC cryptocurrency has been on a downward trend, despite positive news from Korea and strong data from the NFT market. Since reaching its yearly high of $1.56 on February 13, the price of MATIC has dropped by 60% and is now trading at just $0.6169.

    Polygon Can’t Stop MATIC’s Downtrend

    MATIC has been unable to break out of its downtrend, with both the trendline and the 200-day EMA proving to be strong resistance. The token has also fallen below the 23.6% Fibonacci retracement level at $0.75.

    If MATIC fails to hold support at $0.60, it could potentially drop towards its yearly low of $0.50. However, if the $0.60 level holds as support in the coming days, there may be another attempt to break out of the downtrend.

    Polygon Can't Stop MATIC's Downtrend

    For MATIC to break out of its current downtrend, it would need to rise above $0.71. However, a true validation of the breakout would come from the 23.6% Fibonacci retracement level, which is currently at $0.75. If MATIC can rise above this level, it could signal that the bulls are regaining control. 

    The next major challenge for MATIC bulls would be to overcome the 200-day EMA, which is currently at $0.84. Until these levels are reached, it appears that MATIC may continue to experience further downside.

    The fact that positive news has not been able to move the price of MATIC is not a good sign for the bulls. In the past two days, Polygon has announced two pieces of positive news. Most recently, Polygon Labs has entered into a strategic partnership with SK Telecom, South Korea’s leading mobile telecom operator. 

    This partnership aims to expand SKT’s Web3 ecosystem and position the telecom giant at the forefront of the growing decentralized technology sector.

    According to Polygon’s CEO, Marc Boiron, the partnership with SK Telecom is an important step in bringing Web3 experiences to more consumers. He explained that Polygon Labs has been working on developing the best blockchain technology for the popularization of Web3, and this collaboration with SKT is a key part of that effort.

    Featured Matic Polygon
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    jose

    Related Posts

    Strong meme coin whale accumulation drives 1.8B DOGE and PEPE purchases

    October 22, 20252 Mins Read

    Citi initiates Buy on MicroStrategy, citing Bitcoin upside and a $485 12-month target

    October 21, 20252 Mins Read

    BitcoinOS secures $10 million to expand institutional Bitcoin finance tools

    October 21, 20252 Mins Read

    Galaxy Digital exceeds Q3 forecasts and calls its Helios data center a “Gold Rush”

    October 21, 20252 Mins Read

    Bitcoin outflows from Binance and ETF demand tighten supply, setting sights on 130.000 USD

    October 21, 20252 Mins Read

    Rejection of Binance donation to Malta for $33M in BNB sparks political storm

    October 21, 20253 Mins Read

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 Blockchain Journal

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.