How is Polygon (MATIC) Doing in the Crypto Market Today?

The MATIC price is up today, reflecting the general trend in the crypto market, which is currently valued at around $1.14 trillion. On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month, outperforming other cryptocurrencies such as Shiba Inu, Terra, Luna, Shib, Sandbox, FTX, Sol, The Graph, and other crypto assets.

New CEO, Polygon’s ‘decentralized governance’ plans

The surge in MATIC’s intraday prices follows the announcement of Polygon’s new chief executive officer (CEO), Marc Boiron, on July 7. Since then, MATIC/USD has gained nearly 15%.

Boiron’s appointment comes after the U.S. Securities and Exchange Commission (SEC) alleged that MATIC is a “security” in its lawsuits against Binance and Coinbase.

Polygon is preparing to launch its “Polygon 2.0” project, which includes the implementation of a “decentralized governance” protocol by July 17. This is likely contributing to the crypto shiba inu’s price gains.

MATIC whales get bigger

The recent surge in MATIC’s price on July 11 is the result of a period of substantial whale accumulation.

As an example, the amount of MATIC held by entities with a balance between 10 million and 100 million tokens has grown by more than 1% this month. This is accompanied by a decrease in the amount of MATIC held by the 1 million-10 million MATIC cohort, suggesting that some whales from the 1 million-10 million MATIC cohort have been accumulating tokens and have now become part of the 10 million-100 million MATIC cohort.

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MATIC’s July outlook

From a technical standpoint, the crypto token appears to be on the brink of a significant price drop in July.

As of July 11, MATIC had been testing a resistance combination of its 50-day EMA (the red wave), a support-turned-resistance horizontal trendline, and an ascending trendline which could be a bear flag pattern.

A pullback from this resistance could cause the price to fall to the flag’s lower trendline near $0.68 in July, which would be a 10% drop from current levels.

Moreover, if the price closes below the lower trendline, it could trigger a bear flag breakdown, resulting in a potential target of around $0.50 in July, a 30% decrease from current levels.

On the other hand, if the price closes above the upper trendline of the flag, it could weaken the bearish outlook and lead to a rise to the 200-day EMA (the blue wave) near $0.90, a 20% rally by July.