This is HODL FM, the crypto publication that gives you the same feeling as a clown who went to see the doctor because he couldn’t help feeling funny.

Here is a breakdown of what happened on Polygon this week:

  • Weekly price change for Polygon (MATIC): Polygon price action underwent a +6.17% change over the last seven days.
  • Polygon (MATIC) Market Capitalization: The market capitalization did not move much, hence a -0.07% change.
  • Polygon Project of the Week: Dogelon Mars (ELON) price has gone up by 10.14% over the last seven days, and its trading volume has gone up by 50% over the previous 24 hours as of this writing. 

Related: After Dropping Ethereum Investigation, Are Solana and Polygon Safe From The SEC?

Polygon's week kicked off at the dazzling height of $0.5336 on Monday morning, only to take a nosedive to $0.5167, like a caffeinated squirrel that missed a tree branch.  Like someone gearing up for a comeback story, Polygon surged out of its descending channel to hit a two-week high of $0.5520 on Tuesday. 

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Source: Giphy

Naturally, because this is crypto and it has the right to do an illegal U-turn at any point. This is  probably why sellers are struggling to pull the price once again and create a double bottom  at $0.5167, perhaps just for symmetry. 

The MACD is flashing short green bars at -0.0013, like a tepid applause, and the RSI, sitting at 49, seems to be optimistically pointing upwards, as if to say, "Dude, it could be worse."

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MATIC/USD Price Chart. Source: TradingView

Polygon (MATIC) market capitalization moved from $4.94 billion to $5.4 billion over the previous week.  The cryptocurrency’s trading volume has also attracted signifcant activity among retail investors with the daily volume recording a +50% change. As we speak, the price of Polygon is $0.5303.

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Source: CoinMarketCap

The bears are strongly defending the $0.5500 price level, but the positive signal is that buyers have not loosened their grip which has therefore prevented the price from dipping below $0.5200. If the bulls can sustain enough strength to flip the $0.5500 psychological resistance into a support, there is a high likelihood of MATIC/USD price  testing $0.6000 and then $0.6700. On the contrary,  bad things could happen and MATIC/USD price could turn down from $0.5300 and break below the $0.5200 support. Eventually, this could result into a drop to $0.4900.

Dogelon Mars (ELON), a memecoin lucky enough to share the Ethereum and Polygon networks is Polygon’s best performing memecoins of the week with a 10% increase. ELON, a dog-themed cryptocurrency traces the success of Dogecoin, Floki Inu and Shiba Inu. While it alludes to the combination of forces that is Elon Musk and Dogecoin, the meme coin also implies Mars to mean that it could surge to significant heights beyond the moon.

More on Polygon:

Well, the cryptocurrency has alrready amassed a strong community of followers and a market capitalization of $91 million. At press time, Dogelon Mars (ELON) is trading at $0.0000001663, as per data from CoinMarketCap.

That is all for Polygon over the previous 7-days, watch this space for more weekly breakdowns of your favourite cryptocurrencies.

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