Polygon’s MATIC token concluded the month of June with a 30% bearish correction. The token has kicked off July with the same bearish energy and may potentially seek more downside due to a network attack.
Ankr is currently working to restore its Polygon RPC’s domain functionality that cannot be accessed. Wallet users and dapp partners may be affected. We will continue to post updates here as they become available.Network attacks or downtime have historically had a negative impact on a network’s native cryptocurrency. That being said, MATIC may be due for more downside if the same premise holds true.
The latest retracement started after an 80% uptick. MATIC still has some ground to cover before reaching the oversold territory once again.MATIC’s exchange flows reveal an interesting observation in the last two days. Exchange inflows peaked at 1.52 million on 30 June while exchange outflows on the same day peaked at 10.27 million.