Polygon Down More Than 8% Within 24 hours
Portfolio Pulse from Benzinga Insights
Polygon's (CRYPTO: MATIC) price has decreased by 8.6% over the past 24 hours to $0.82, despite a 1.0% increase over the past week. The volatility is evident from the Bollinger Bands in the price charts. Trading volume is up by 24.0%, and the circulating supply has risen by 0.35% to 9.26 billion, which is 92.6% of the max supply. MATIC's market cap is currently ranked #12 at $7.53 billion.
November 17, 2023 | 3:00 pm
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NEGATIVE IMPACT
Polygon's MATIC has seen a significant price drop of 8.6% in the last 24 hours, with an increase in trading volume and circulating supply. The market cap remains strong at $7.53 billion, ranking #12.
The short-term impact on MATICUSD is negative due to the significant 8.6% price decrease. The increased trading volume suggests heightened investor activity, possibly indicating a reaction to broader market movements or specific news affecting Polygon. The increase in circulating supply could also put downward pressure on the price. However, the market cap's strong position may provide some resilience.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100