Is MATIC retracement an opportunity to buy the token?

Date:


  • Polygon has been witnessing strong fundamentals that boosted the native token

  • Polygon’s MATIC retraced sharply on Tuesday 

  • MATIC faces some more pressure as the price moves below moving averages.

Polygon’s MATIC/USD will rarely miss out on the basket of the go-to cryptocurrencies. It is one of the cryptocurrencies that has been making good headlines. The price has also been reacting well to the strong fundamentals.

The most recent fundamentals of Polygon are a partnership with Starbucks. The coffee chain giant said it would use Polygon for its collectible digital stamps. The move is part of the company’s entry into Web3 with the Starbucks Odyssey program.

On August 31, Robinhood said it would let users send and receive MATIC on the polygon network. That expands MATIC’s utility beyond the Ethereum network. The move was inspired by the need to cut the huge costs on the Ethereum network.

MATIC slides below the moving average adding bearish pressure

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy MATIC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MATIC with Bitstamp today

Source – TradingView

From the technical outlook, MATIC is not yet in a buy zone. At the current trading of $0.85, the price could slide further to minor support at $0.76.

Another bear indicator is the moving average. MATIC is trading below the 20-day and 50-day moving averages. Similarly, an RSI reading of 48 suggests that MATIC is not yet oversold. With the growing bear sentiment after the inflation data, a more likely direction is to the downside. 

On the flip side, MATIC has maintained an ascending trendline. If the price keeps the trendline, MATIC could turn bullish. Investors should consider buying on price action signals or if the token recovers above the moving average (s).

Summary

While MATIC remains vulnerable, the ascending trendline could ignite a bullish move. Investors should watch for bullish signals. A break below the trendline will see the token slide to minor support at $0.76.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related