Polygon (MATIC) Looks Set For A Retracement After Recent Gains
July 24 2022 - 6:44AM
NEWSBTC
Polygon (MATIC) has been sky-high and gliding over the past month.
Analysts are looking at a retracement to $0.58 if the coin goes
below $0.77. Polygon, self-proclaimed as
“Ethereum’s Internet of Blockchains” looks ready for a major move
after it has skyrocketed in market value as seen in the past weeks.
On the flipside, there is still a strong support zone that may
anchor the coin to hold its price. MATIC is currently set in
anticipation of a correction but is still has to break the support
line. It has been on an upswing and has spiked by more than 200%
after it bounced back from a low of $0.32 and reaching a high of
$0.98 as seen in July 18. Suggested Reading | Solana (SOL) To
Hit $166 By 2025, Despite Current Bearish Conditions MATIC Sell
Signal Strong The token looks like its basking on what is referred
to as an overbought terrain. A sell signal has been remarkable in
the Tom DeMark (TD) Sequential indicator on MATIC’s daily chart. It
shows green nine candlesticks or forming a bearish pattern which
shows a correction. The weak outlook was supported with the two red
candlesticks that appear to be trading below the other red
candlestick. Despite its passive movement, MATIC has Parabolic SAR,
a strong support cluster, and also the retracement seen at $0.77,
and the 100-day moving average keeping it all stable. A daily
candlestick that would slide below the critical line may trigger a
downward pressure and lead to a correction of 22% at $0.58. MATIC
total market cap at $6.87 billion on the daily chart | Source:
TradingView.com MATIC To Regain Strength, Move Towards $1.20 If
MATIC can breach its July 18 high set at $0.98, then that can shake
off its weak outlook. Once it slices through that critical
resistance level, MATIC will regain the strength to move closely
towards the $1.20 200-day moving average. The token has been
getting a lot of eyeballs as it gets ready to upgrade to a
multi-chain platform and also as it soared higher over the past
month. The entire crypto market has been recovering over the past
couple of weeks; and MATIC price has also recouped and risen as a
result. Polygon is on track to roll out quicker and more affordable
Ethereum transactions. The future looks promising for Polygon as it
works its way up to become a multi-chain network, its involvements
with NFT, and also with its collaborations and projects with
Stripe, Disney, and Adidas. Suggested Reading | Cardano (ADA),
After 35% Spike, Locks On Next Target: $0.55 Featured image from
VOI, chart from TradingView.com
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