Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level

Despite Polygon’s positive news of closing deals and being one of ETH whales most purchased tokens, MATIC is still in doubt.

It fell with the rest on September 13, and then it rebounded. The 7–12 September rise was ultimately denied by bears at the $0.9403 resistance area.

With the same 5-day time frame since then, the token’s value has plummeted by a staggering 20.65 percent. At the time of writing, the token’s price was hovering around the 78.60 Fibonacci retracement level, between $0.6898 and $0.7770.

Traders should keep an eye on both the 61.80 Fib level (now at $0.6989) and the 0.7185 support level. They have helped to counteract the trend downward and provided much-needed support for the hourly marks.

Chart: TradingView.com

Polygon Bullish Momentum Indicates Demand

The 1-hour window is where bullish momentum seems to be growing. Stoch RSI values that have increased indicate an increase in demand for cryptocurrency.

The momentum indicator also shows that the trend continues to rise. However, a greater amount of momentum can make a significant impact on the overall picture.

This slight upward trend could be explained by the Polygon Chain’s expanding development activities.  A recent analysis suggests that this increase in activity could indicate that the team integrates new features or patches existing ones.

This increases trader and investor confidence. As crypto markets recover from the September 13th sell-offs, this partnership between Polygon & Flipkart could help accelerate MATIC’s acceptance as well as contribute to expanding the Polygon ecosystem.

MATIC Price Potentially Buy Pressure 

This is why Polygon’s recent developments might inspire you to be more confident. Yes, they did. Recent advancements are not responsible for the increase in price.

Indicators pointed to strong buy signals as the market fell. Similar information can be found in the bull-bear indicators. The Stoch RSI will rise as bulls gain momentum. This indicates a significant increase in buy pressure.

This may have an effect on MATIC’s total recuperation. If the bulls are able to stabilize at the 71.80 Fibonacci level, another bullish rise may be conceivable to support the price’s upward momentum.

This chart shows the primary resistance level at $0.7395. MATIC token might be in the midst of a rally if bulls pick up and move past this resistance.

 Source: TradingView.com| Source: TradingView.com

Featured Image from Coincu News Chart: TradingView.com

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