Polygon (MATIC) Leads Gains Amidst Market Uncertainty

The popular Ethereum layer-2 platform Polygon has seen substantial gains in spite of a bearish environment. Polygon’s performance has been strong over the past 24 hour, posting a record 4.37% increase at $0.833. The L2 protocol’s market valuation of $7.07 billion places it back in the top 12, above both DAI and Shiba Inu.

Compared to its all-time high of $ 2.68 in December ’21, MATIC is down by roughly 73% at its present pricing. However, the same factors that contributed to Polygon’s fall also hampered the performance of cryptocurrencies during 2022.

Other Reading: Bitcoin Bounce Coincides With Possible Macro-Reversal | BTCUSD Analysis October 4, 2022

Here’s What Polygon Did This Summer

All crypto markets are subject to bearish tendencies during summer months. Polygon is no exception. The daily Polygon data shows that the price of Polygon hit $0.313 in June. In just two months, it rebounded by over 240% and reached $1 once again.

Support came in the area of $1. The bearish vector controls the Fibonacci level of 50% Fibonacci Retracement. The level was calculated from data that range from $0.31 to $1.75, with the lowest being 0.31 in March.

Zoom in and see the last few weeks. It is clear that $ 0.69 was a critical support region for MATIC all through. Since then the price has bounced back up. Currently, the most important metric is the bearish vector from September’s high of 0.9438 to its $ 0.69 low.

Three-Week MATIC High

After yesterday’s failed breakthrough, Polygon (MATIC) was a top performer, rising to a three-week high on Tuesday. As low as $0.7548 was the MATIC/USD currency pairing at the beginning of this weekend. It was slightly less than the floor price of $0.7690. However, as more optimism returned to cryptocurrency markets, the token soared to $0.8336 at the end of the day. 

This high marks Polygon’s strongest position since the middle of September. This coincides also with Polygon’s 14-day relative strength indicator (RSI), which reached its highest point in three weeks. Now, the index trades around 55.90. This is below the higher resistance at 57.65. This barrier will be breached if the token price reaches $0.8500.Source: MATICUSD chart at TradingView.com

MATIC’s price currently stands at $0.815. | Source: MATICUSD price chart from TradingView.com

Polygon Surge Could Be Related to Recent Integration News

Polygon’s recent surge might be related to recent bullish news. RobinHood a well-known crypto brokerage, opened its doors on September 27. non-custodial wallet with MATCTo more than 10k beta testers. 

Robinhood Wallet beta customers could get MATIC from the company’s primary trading app. They’ll be able to use the DeFi platform, which hosts dApps like Uniswap, Kyberswap, and others, on the Polygon network. 

Read Related Article: Dogecoin, Dogecoin Rallies Following Elon MuskTwitter Contract Confirmation

Shopping.io, a cryptocurrency-focused e-commerce site, also said it would accept Polygon’s native token MATIC as a payment method. For the first 7 days, token users get free shipping and a 30% discount for 30 days. This might have been due to the increase in activity. MATIC trades were at $8.33 on the writing of this article, an increase of almost 12.31% over seven days.

Featured image taken from Pixabay. Chart from TradingView.com

Get more Crypto News at CFX Magazine