Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Polygon (MATIC) has been sky-high and gliding over the past month. Analysts are looking at a retracement to $0.58 if the coin goes below $0.77.
Polygon, self-proclaimed as “Ethereum’s Internet of Blockchains” looks ready for a major move after it has skyrocketed in market value as seen in the past weeks. On the flipside, there is still a strong support zone that may anchor the coin to hold its price.
MATIC is currently set in anticipation of a correction but is still has to break the support line. It has been on an upswing and has spiked by more than 200% after it bounced back from a low of $0.32 and reaching a high of $0.98 as seen in July 18.
Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions
MATIC Sell Signal Strong
The token looks like its basking on what is referred to as an overbought terrain. A sell signal has been remarkable in the Tom DeMark (TD) Sequential indicator on MATIC’s daily chart. It shows green nine candlesticks or forming a bearish pattern which shows a correction. The weak outlook was supported with the two red candlesticks that appear to be trading below the other red candlestick.
Despite its passive movement, MATIC has Parabolic SAR, a strong support cluster, and also the retracement seen at $0.77, and the 100-day moving average keeping it all stable. A daily candlestick that would slide below the critical line may trigger a downward pressure and lead to a correction of 22% at $0.58.
MATIC total market cap at $6.87 billion on the daily chart | Source: TradingView.com
MATIC To Regain Strength, Move Towards $1.20
If MATIC can breach its July 18 high set at $0.98, then that can shake off its weak outlook. Once it slices through that critical resistance level, MATIC will regain the strength to move closely towards the $1.20 200-day moving average.
The token has been getting a lot of eyeballs as it gets ready to upgrade to a multi-chain platform and also as it soared higher over the past month. The entire crypto market has been recovering over the past couple of weeks; and MATIC price has also recouped and risen as a result.
Polygon is on track to roll out quicker and more affordable Ethereum transactions. The future looks promising for Polygon as it works its way up to become a multi-chain network, its involvements with NFT, and also with its collaborations and projects with Stripe, Disney, and Adidas.
Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55
Featured image from VOI, chart from TradingView.com
