When are we likely to see a bullish reversal on Polygon’s MATIC?

When are we likely to see a bullish reversal on Polygon’s MATIC?
фото показано с : coinjournal.net

2022-9-25 23:20

Polygon’s MATIC has lost a quarter of its value from its August high.

Polygon welcomed Binance stablecoin to its ecosystem on Tuesday.

MATIC remains vulnerable but expect a bullish reversal soon.

Although Polygon’s MATIC/USD is easily one of the recent top gainers, a bear market remains. Since topping $1 in mid-August, MATIC has been on a downtrend. It currently trades at $0.77, implying a loss of 25% in about a month. 

The latest decline in MATIC was connected to profit taking after being one of the biggest gainers in July. Recently a move by the Federal Reserve to hike the rate also added to the bearish weakness. However, it could be a matter of time before MATIC makes a comeback, as it is known for making strong headlines.

On September 20, Polygon and Avalanche announced their support for Binance USD stablecoin. BUSD is ranked in the seventh position by market capitalization. That increases the stablecoin options for users on both blockchains. The move may not be a significant price trigger for MATIC but it underlines the massive position of Polygon.

MATIC price movement amid a bear market

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Turning to the technical side, MATIC trades at minor support of $0.77. Nonetheless, the token had already breached the support before correcting upwards. The price action suggests that MATIC is retesting the $0.77. A continuation of the bearish momentum is on the card. Bulls can only arrest the downside if they recover above $0.77.

Source – TradingView

The technical indicators show a bearish market. The MACD indicator is deep in the bear zone while moving averages offer resistance. If MATIC retests $0.77 and fails to go higher, the next support to touch will be $0.62.

Summary

MATIC is retesting a key level. Sellers could look to take the token to $0.62. The bottom support will be tested in a few days to a week’s time if bulls fail at $0.77.

The post When are we likely to see a bullish reversal on Polygon’s MATIC? appeared first on CoinJournal.

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polygon matic when reversal likely bullish see

Источник: coinjournal.net

polygon matic → Результатов: 126


Polygon (MATIC) Nears Resistance Level; Whales Eye Avalanche (AVAX) and InQubeta (QUBE), an Emerging AI Altcoin

The crypto scene isn’t short of excitement, from GoDaddy’s recent integration with ENS to Wormhole’s snapshot of its upcoming massive airdrop to Bitcoin hitting $50,000. With the overall market on the rise, altcoins have been gaining traction, with Polygon (MATIC) about to break the $1 resistance level.

2024-2-23 23:00


Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales

Polygon holders were left scratching their heads today as Polygon’s native token MATIC faced selling pressure seemingly out of the blue. The selloff might came on the heels of a report from on-chain analytics platform Spot On Chain, which revealed that wallet address 0xa31 – linked to layer-2 scaling protocol Hermez Network which was acquired […] The post Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales appeared first on CaptainAltcoin.

2024-2-17 11:34


Polygon Bulls Form Strong Support, Buys Record $5.8B MATIC at This Price; Cardano (ADA) Poised to Move +20% to Next Resistance

Crypto Analyst @ali_charts posted that most Polygon (MATIC) tokens were purchased between $0. 80 and $0. 86, with 42,000 addresses holding close to 5. 8 billion MATIC in this key demand zone. He notes that given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level around $0.

2023-12-9 10:48


From Polygon NFT Wins To MATIC Gains: Understanding The Connection

Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.

2023-7-22 16:15


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