MATIC’s Price Drops Sharply After Layoffs

Despite the bullish sentiment among investors as they look forward to the zkEVM mainnet, Polygon let go of 20% of its workforce. Yet, the corporation still has digital assets in its reserve valued at over $2 billion. This demonstrates that the company’s treasury is still strong and reliable.

The announcement of the layoff immediately caused the price of MATIC to crash. But, because of Polygon’s strong position and the upcoming zkEVM mainnet, a speedy comeback is extremely likely. It’s also important to note that MATIC is one of the few coins that has managed to stave off severe devaluation throughout this bear season.

Key Polygon Levels To Watch – February 22

Resistance Levels: $2.9200, $2.1000, $1.7500
Support Levels: $1.3040, $0.7500, $0.5200
A bullish order block was formed on August 15, 2022. The reaction of price towards this order block has led to the current bullish trend of MATICUSD in line with the Moving Average.

The market became bullish as the year began. Prices could be seen rising significantly above the $0.7500 level. According to the Stochastic indicator, MATICUSD will likely resume the bullish trend as soon as it reaches the bullish order block at the $1.3040 demand zone.

Polygon K ey Levels

Total Market Capitalization: $1.09T
Polygon Market Capitalization: $11.86B
Polygon Volume: $0.68B
Market Rank: #9

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