Polygon, the popular Ethereum layer-2 solution, has bagged substantial gains amidst a bearish market. Over the past 24 hours, Polygon has achieved a strong performance, recording a 4.37% gain at $0.833. The L2 protocol’s market valuation of $7.07 billion places it back in the top 12, above both DAI and Shiba Inu. Compared to its all-time high of $ 2.68 in December ’21, MATIC is down by roughly 73% at its present pricing. However, the same factors that contributed to Polygon’s fall also hampered the performance of cryptocurrencies during 2022. Related Reading: Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022 What Polygon Has Been Up To These Summer Months The entire crypto market faces bearish trends during the summer months, and Polygon was no exception. Looking at the daily data for Polygon, we can see that it hit a low of $0.313 in June. It rebounded from that low by more than 240% to reach $1 again in just two months. The price eventually found support in the region of $1. This is where the 50% Fibonacci retracement level supplied by the bearish vector it controls passes. This level was calculated using data ranging from the highs of $1.75 in March to the lows of $0.31. Zoom in on the previous few weeks. We can see that $ 0.69 has been a crucial supporting region for MATIC throughout. The price has since bounced back up. Currently, the most important metric is the bear...
Why Did the Altcoin Prices Suddenly Drop?
