Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level

News BTC

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.

How To Get Free Crypto  

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

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.

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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.

FreeBitcoin Banner  

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.

MATIC total market cap at $5.9 billion on the daily chart | Source: TradingView.com

Featured image from Coincu News, Chart: TradingView.com

Go to Source
Author: Jet Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.