MATIC is one of those rare cryptocurrency tokens which rose back like a phoenix looking almost unaffected by the May crash. But since finding a local top at $2.4 a bit below its all-time high, the Polygon token’s momentum has become entirely bearish.
Bears Have A Serious Edge Over Bulls
MATIC is now amongst the top 20 cryptocurrencies in the world. The native cryptocurrency token of India-based Ethereum scaling solution Polygon has garnered quite a huge following in recent times. Even with the horrific crash last month, it was one of the few tokens to still stand tall a few points away from touching its all-time high again.
After the rebound though, things went south in a cascading fashion. Bulls lost steam, and an immediate round of profit-taking followed. The entire cryptocurrency market’s bearish scenario could be the reason. The daily MATIC/USDT chart shows a series of bearish candles playing spoilsport with the Polygon token. Due to which prices have come down to the $1.3 support level (marked by the 50-day MA line).
In the worst case, the sell-off could continue further. In that case, the MATIC/USDT pair could risk dropping way down to the $1 price level (marked by 75-day MA).
Can MATIC Bulls Do Anything?
Well bulls don’t seem to have much options here. To reverse the scenario, buying pressure has to supersede the selling pressure by dragging the Polygon token’s prices to the $1.5 level (marked clearly by the 20-day exponential moving average (EMA).
However, that seems highly improbable has the MACD (Moving Average Convergence Divergence) indicator shows that bears still have a strong grasp over the current market scenario. The ongoing round of selloffs still has some steam left.
News such as the kinds of Mark Cuban taking a stake in the Polygon ecosystem could help a lot. This is the same piece of news that kept bullish momentum alive after the rebound.
The overall selling volume is tapering off. But considering the current scenario it is highly uncertain when bears will lose their grip and bulls will finally take over.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
Luna Foundation Guard- LFG has spent over $3 billion in Bitcoin (BTC) in an attempt to save UST. Investors...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.