Cryptocurrency

Has Polygon token lost its bullish momentum, or could we see more gains?

  • Polygon hit the headlines lately with robust fundamentals
  • The native token MATIC has seen quite a lot of investor curiosity because the token hit $1
  • MATIC faces a correction, and buyers ought to wait

Polygon’s MATIC/USD trades at $0.89. That occurs after the token was rejected by a resistance at $1. It ought to be famous that MATIC was among the many prime gaining tokens lately. It traded at barely $0.32 in mid-June. Thus, the newest decline may very well be resulting from buyers’ revenue taking as the worth hit $1. 

Basically, Polygon has been making headlines recently, fueling MATIC’s surge. In Q2, the typical transaction price on Polygon declined to $0.018 from the earlier quarter. The overall distinctive addresses additionally grew by 12% from the primary quarter to five.34 million. The transaction quantity on the community hit $284 million, a rise of 4% from the prior quarter.

Clearly, there’s enough motive to assist the newest MATIC features. The Ethereum Layer-2 scaling answer is undoubtedly poised for development. Traders may very well be on the lookout for the proper entry level. Our evaluation means that buyers might have to attend as MATIC might face correction.

MATIC faces a correction as bear stress will increase

Supply – TradingView

From the technical outlook, bulls are starting to weaken at or near $1. The MACD line has closed beneath the shifting common line suggesting a bearish momentum. A number of bearish pin bars on the resistance zone are additionally one other set off for an additional worth decline.

Traders ought to promote MATIC for an opportunity to purchase decrease. The primary key degree stays at $0.61 assist, though the worth might recuperate round $0.72.

Abstract

MATIC faces a correction as bulls had been rejected on the $1 resistance. The important thing areas of curiosity are $0.72 and $0.61. The decrease degree is the established assist.


by way of Cointojournal

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