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

Christian Encila

2 years ago

2 mins read

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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.

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.

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

Featured image from Coincu News, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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