Polygon Falls More Than 4% In 24 hours
Portfolio Pulse from Benzinga Insights
Polygon's (CRYPTO: MATIC) price has dropped 4.2% in the last 24 hours, continuing a weekly downtrend with a 15.0% loss. The trading volume has decreased by 55.0%, and the circulating supply has slightly reduced. MATIC's market cap ranking is currently #16, with a valuation of $7.51 billion.
January 18, 2024 | 3:00 pm
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NEGATIVE IMPACT
Polygon's MATICUSD has experienced a significant 4.2% price drop in 24 hours and a 15% decrease over the past week, with a decrease in trading volume and circulating supply.
The price drop of 4.2% in the past 24 hours and the overall 15% decrease over the past week indicate a bearish trend for MATICUSD. The reduced trading volume suggests lower investor interest, which could further pressure the price. The slight decrease in circulating supply is typically a neutral to positive signal, but it seems overshadowed by the negative price action. The market cap ranking remains strong, which may provide some support, but the short-term impact is likely negative given the current trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100