Polygon price risks declining 30% despite the ongoing recovery trend.
Polygon price is up today, mirroring upside moves elsewhere in the cryptocurrency market as traders assess a mix of fundamental factors.
On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month — outperforming the crypto market, whose valuation stayed relatively unchanged from the previous day at around $1.14 trillion.New CEO, Polygon's 'decentralized governance' plansits former chief legal office, Marc Boiron, as the new chief executive officer on July 7. Since then, MATIC/USD has gained nearly 15%.Boiron's appointment comes more than a month after the U.S.
As of July 11, the Polygon token was testing a resistance confluence comprising its 50-day exponential moving average , a support-turned-resistance horizontal trendline, and an ascending trendline constituting a potentialA pullback from the resistance confluence risks sending the price toward the flag's lower trendline near $0.68 in July, down about 10% from current price levels.
On the other hand, a decisive close above the flag's upper trendline could weaken MATIC's bearish prospects, enabling an extended run-up toward the 200-day EMA near $0.90. In other words, a 20% rally by July. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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