Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade

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Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade - NewsBTC

Quick Summary:

This move occurred despite Polygon Network’s upcoming upgrade that switches MATIC to POL, improving the platform’s tokenomics. Related Reading: RENDER Flashes Red With 18% Short-Term Loss – Details As the market moved 5% downward, investor confidence in MATIC has been shaken, possibly damaging the token’s performance in September.

This leaves the bulls in a precarious position in the short term as a bearish breakthrough on this support level will drive the token toward $0.33, a level unseen since March 2021. With the major cryptocurrencies also experiencing strong bearish momentum, we can expect MATIC to fall even further despite the improvements brought by the upcoming network upgrade.

According to an earlier blog post, the network migration will improve the tokenomics of the platform making it more attractive for users and future validators. Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible?