Polygon (MATIC) The price took action after comments that cryptocurrencies from the US should come with more regulation. After several major crypto exchanges ignored Biden’s requests from Russian customers to cease operations, the US government is looking to increase its pressure on cryptocurrencies and crypto exchanges. After the comments on the subject, a decrease was observed in the price of MATIC, while the price fell below the critical support of $ 1.57.
Edit Comments Affect MATIC Pretty Hard
While investments and traders continued to profit by turning the tension between Russia and Ukraine into an opportunity, Polygon price had peaked above $1.75 after its triple rise. Joe Biden The request of crypto exchanges to impose restrictions on Russian customers within the scope of the sanctions requested by many exchanges was not accepted by many exchanges. The exchanges made a joint statement and stated that they are not subject to the laws of any country and they exist to ensure free movement. Biden shared detailed information about cryptocurrencies in his “State of the Union” speech, and Powell called for regulations to be introduced at the periodic senate session on monetary policy.
MATIC price is down close to 3% on the day as bulls bounce to support the $1.57 pivot level. While the Relative Strength Index (RSI) seems to be holding for the moment, it is trending downwards and has dropped below 50, an important indicator that the bears are again in control of the price action. A break below $1.57 later in the session or tomorrow could result in a sharp decline towards either $1.40 or $1.30.
If investors resist the current selling pressure, further upswing could occur as the regulations will take months to be passed by both the House and Senate, and will still be limited to US borders only. Traders will quickly dodge any downturn and MATIC will see more buying towards $1.75. With this, the 200-day Simple Moving Average (SMA) will be broken up and a return to $2 is possible in the near term.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.