Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level
September 22 2022 - 4:06AM
NEWSBTC
Even with the encouraging reports of Polygon closing agreements and
becoming one of the most acquired tokens by ETH whales, the future
of its native token, MATIC, is not looking very bright. From
September 13 onward, it fell in line with the rest of the
cryptocurrency market. The 7–12 September rise was ultimately
denied by bears at the $0.9403 resistance area. With the same 5-day
time frame since then, the token’s value has plummeted by a
staggering 20.65 percent. At the time of writing, the token’s price
was hovering around the 78.60 Fibonacci retracement level, between
$0.6898 and $0.7770. Traders should keep an eye on both the
61.80 Fib level (now at $0.6989) and the 0.7185 support level.
These two factors have counteracted the downward trend and given
the upward momentum at the hourly marks some much-needed support.
Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months
– Will It Spur Price Rally? Chart: TradingView.com Polygon Bullish
Momentum Hints At Demand Also, bullish momentum appears to be
building around the 1-hour time frame. Increases in the Stoch RSI
value indicate that demand for the cryptocurrency is increasing. In
addition, the momentum indicator shows that the trend is rising. A
larger amount of momentum produced here, though, can have a major
impact on the wider picture. This minor rising trend may be
attributable to the expanding development activities in the Polygon
chain. This increase in development activity may indicate
that the team is integrating new features or patching existing
ones, according to a recent analysis. This further increases
investor and trader confidence. As the crypto market recovers after
the 13 September sell-off, however, the recently announced
partnership between Polygon and Flipkart may accelerate the
acceptance of MATIC and contribute to the expansion of the Polygon
ecosystem. MATIC Price: Potential Buy Pressure In light of
this, might recent advancements at Polygon inspire confidence?
Indeed, it accomplished exactly that. However, recent advancements
were not the primary cause of the price increase. As the price
declined, the indications also pointed to a strong buy signal. The
bull-bear indicator reveals the same information. As bulls gain
momentum, the Stoch RSI will also rise, indicating a major increase
in buy pressure. This may have an effect on MATIC’s total
recuperation. If the bulls are able to stabilize at the 71.80
Fibonacci level, another bullish rise may be conceivable to support
the price’s upward momentum. The price range of $0.7395 represents
the primary level of resistance on this chart. If the bulls gain
pace and break through this level of resistance, the MATIC token
could be on the verge of a recovery. Related Reading: ETH
Backpedals After Hitting $1,800 Ahead Of Merge Last Week MATIC
total market cap at $5.9 billion on the daily chart | Source:
TradingView.com Featured image from Coincu News, Chart:
TradingView.com
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