Major DeFi Hack Has Not Affected the Polygon Price Prediction Outlook

The biggest DeFi hack has just occurred, and it involved a hack of cross-chain protocol Poly Network. 

Hackers exploited a weakness to facilitate the illegal transfer of $611 million across the Ethereum, Polygon and Binance Smart Chain networks.

In a tweet that is now going viral, Poly Network displayed the addresses it says the stolen funds were transferred to, urging cryptocurrency exchanges and miners to block any transfers coming from the said addresses. The full extent of the hack is still being unravelled as the use of multiple chains by the Poly Network makes evaluating the scale of the theft harder.

How are traders of Polygon reacting to the news?

Polygon Price Prediction Outlook

Polygon price prediction bets remain relatively stable, but the price is in a pullback following rejection at the 1.1601 resistance. However, the price must break down the ascending trendline with an added bearish momentum to target the 0.9196 support. Below this level, additional support is seen at 0.6884 and 0.5559, in that order.

On the flip side, a break of 1.1601 allows the bulls to push for 1.2949. 1.4298 and 1.5120 form additional barriers to the north if the price continues the advance.

Polygon (MATIC/USD): Daily Chart