Polygon (MATIC) – Low Volatility Amid Tuesday Decline
Polygon (MATIC) has been relatively less volatile than the overall cryptocurrency market, as indicated by a recent market analysis. As of Tuesday, the Distributed Software Platform has experienced an 8.87% loss, bringing its price to $0.809096051.
Low Volatility Rank
According to InvestorsObserver, Polygon receives a low volatility rank of 22, positioning it in the bottom 22% of cryptocurrencies on the market. The Volatility Gauge considers recent trends, minimizing the impact of sudden spikes in volatility on the rank. MATIC’s low volatility reading is complemented by a low score on the Risk/Reward Gauge, signifying that the coin exhibits relatively narrow price swings and is well protected against price manipulation.
Polygon’s Trading Scenario
The current Polygon price hovers near a resistance level, with support observed at $0.75126234745894 and resistance at $0.814209263085466. This situation suggests potential selling pressures ahead, as the coin may be reaching an overextended state.
Understanding Coins and Cryptocurrencies
A coin refers to a cryptocurrency that operates on its own blockchain. Typically, coins are utilized for various payment purposes. Depending on the specific cryptocurrency, these payments may range from general use in the Digital Money sub-class to more specialized applications in other sub-classes.
Summary
- Polygon (MATIC) exhibits lower volatility compared to the overall crypto market.
- InvestorsObserver assigns Polygon a low volatility rank of 22, indicating relative stability.
- Polygon’s price is near resistance, potentially facing selling pressures ahead.
- Coins are cryptocurrencies that operate on their own blockchains and are commonly used for payments.
