Polygon Soars 13% In Last 7 Days As MATIC Bulls Work To Hit New Highs
November 09 2022 - 2:01AM
NEWSBTC
Polygon (MATIC) has been on an upward trend since it broke out of a
rising wedge pattern last week. Across all time frames examined by
CoinGecko, MATIC has been on the rise, with the monthly time frame
revealing the most increase (41.9%). The crypto has been able to
mount a decent rally, climbing 13% in the last seven days. But,
there’s a lot of higher ground to cover. The token’s current
trading price of $1.05 which is below its opening price of
$1.30, indicates that it was strongly rejected at that level. Since
the MATIC token’s Stoch RSI values have recently been trending down
from the overbought side, this poses a substantial risk to bulls.
Will MATIC be able to maintain its stability or will it eventually
fail? Related Reading: Tron Transaction Volume Balloons To 5.3
Million In Q3, But There’s Still Doubts Ahead Large Correction
Forms For Polygon After starting its climb in late October, the
token is currently in its correction stage after a protracted wick
rejection on the $1.3075 price level. While the Stoch RSI values
are falling, the CMF index is trending higher, giving the bulls a
boost. Rallies like the one MATIC is in are, however, susceptible
to corrections, which often occur after the asset achieves a
rejection. Lower time frames, however, show that MATIC is
stabilizing above the $1.1241 support level. The bull-bear strength
indicator is currently on the bears’ side and is in direct
opposition to the CMF indicator. If MATIC breaches the range of
support at $1.1241, the bulls can stabilize the price around
$0.9367, which still supports MATIC’s path to further highs. As
Polygon becomes increasingly connected with traditional financial
institutions, investors and traders should monitor macroeconomic
developments. Related Reading: SushiSwap Suffers Monthly Drop In
TVL – How Will SUSHI Perform This November? MATIC Performance On
The Crosshair As MATIC reaches new heights and its engagement in
the traditional financial sector becomes more obvious, its
performance in the next days will reflect this development. As
institutions look to Polygon as a gateway to Web3 and DeFi, the
stabilization of the token above the 23.60 Fib retracement line
could be a stimulus for further rally. This could be the beginning
of a new age for Polygon, as the increased institutional interest
in Web3 technology and DeFi will bring in new investors and
traders. But for the time being, MATIC investors and traders should
prepare for the continuing corrective period and avoid becoming
greedy, as this could result in another market decline. This price
fluctuation also disrupted MATIC’s link with Bitcoin, which is
excellent news given that BTC is trading at a loss. We should
anticipate more highs and lows for MATIC in the coming days. MATIC
total market cap at $8.5 billion on the daily chart | Featured
image from Blockchain News, Chart: TradingView.com
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