Shiba Inu (SHIB) and Polygon (MATIC) in red following a broader bearish market, while The Hideaways (HDWY) aim for the stars.

Shiba Inu (SHIB) and Polygon (MATIC) crashed to their lowest level in more than a week, following the wider sell-off in the market. The slump is expected to be extended despite the success of the Ethereum Merge, the crypto world's most-awaited event this year.

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Shiba Inu (SHIB) Nosedives, Ready for Further Descent

Shiba Inu (SHIB), an Ethereum-based altcoin, took a beating this week despite the flawless upgrade in the ETH blockchain. Accordingly, market participants look for clues about the pace of interest rate hikes that could reflect a corresponding drop in the value of cryptocurrencies.

In the last 24-hour trading session, SHIB plummeted to $0.00001174, -10.52% from the prior week, and -21.51% over the last month.

Moreover, other metrics were also to blame for the recent price decline. For instance, the Market Value Realized Value (MVRV) Ratio skidded along with the daily active addresses. These bearish signals suggested a further downtrend in the coming days.

In line with this, analysts expected Shiba Inu to crash 25.00% this month, extending from $0.0000083 to $0.0000093. SHIB's Moving Average Convergence Divergence (MACD) also painted a similar picture as it showed a negative edge in the market.

In line with this downbeat sentiment, it's little wonder that investors are left searching the market for any signs of optimism. Our favourite 2022 investment has provided their early backers with exactly that. A huge reason to be optimistic for 2022 and 2023, sitting on 100% gains and expecting a huge amount more!

Polygon (MATIC) Suffers Significant Losses

Polygon (MATIC) took a greater bearish breakout as concerns about layer 2 networks arise after The Merge.

MATIC is currently exchanging hands at a low of $0.8158, down by 8.90% last week. In addition, the coin has descended 8.77% in the past 30 days.

Polygon is known to be one of the biggest blockchain projects in the world. It is a layer-2 network that developers utilize to supercharge their Ethereum decentralized applications. However, with the success of the ETH upgrade, several investors noted possible lower use for the said projects.

Furthermore, MATIC's daily chart has formed a small head and shoulders pattern. Therefore, there is a visible likelihood that the coin will continue its downtrend. The Relative Strength Index (RSI) also stood at 41.46, implying a bearish movement for Polygon in the near future.

The Hideaways (HDWY) – A Haven in The Market Crash

The Hideaways (HDWY) marks a foothold in the market despite bearish trends, standing out as a 2022 winner. Traders area heading to the HDWY token as a safe haven in a bear market – the price is linked to real world property prices so investors have incredible security in a project that's also already been audited and passed as secure to invest in.

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