Polygon Moves 13% In Last 7 Days As Bulls Aim For More Highs

Since breaking out from a rising wedge pattern, Polygon (MATIC), has been in an upward trend. MATIC’s rise has been evident across all time frames (CoinGecko examined 41.9%)

Crypto has managed to rally well, rising 13% over the past 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.

Are MATIC’s stability and financial health assured?

Polygon Correction Forms Large

Following a prolonged wick rejection at $1.3075, the token’s climb began in October. It is currently in correction. While Stoch RSI is declining, the CMF Index is rising, which gives the bulls a lift.

However, rallies like MATIC’s are susceptible to corrections. These often happen after an asset is rejected. MATIC stabilizing over the $1.1241 level in lower time frames.

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.

Investors and traders need to keep an eye on macroeconomic trends as Polygon is increasingly linked with other financial institutions.

MATIC Performance on The Crosshair

MATIC is gaining more recognition in traditional finance and MATIC has a greater impact on it. This will be reflected in MATIC’s performance in the days ahead.

Institutions will look at Polygon to access Web3 or DeFi. The stabilization of the token below the 23.60 Fib line may be an encouragement for further rallies.

Polygon could see this as the start of a new era. New investors and traders will be attracted by the increasing institutional interest in Web3 technology.

MATIC traders and investors should be aware that the market is still in correction mode. However, MATIC traders and investors must not become greedy as it could lead to another decline.

This price fluctuation also disrupted MATIC’s link with Bitcoin, which is excellent news given that BTC is trading at a loss. MATIC should expect more highs/lows over the next few days.

 Featured photo from Blockchain News, Chart : TradingView.com| Featured image from Blockchain News, Chart: TradingView.com

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