Polygon (MATIC) Looks Set For A Retracement After Recent Gains

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	6,434,008,186	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

6,434,008,186

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0083	-1.18%	0.6939	0.6939	0.6941

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0083

-1.18%

0.6939

0.6941

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.70614	0.68255	0.7042	0.7022	0.492200 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.70614

0.68255

0.7042

0.7022

0.492200 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:29:46	54.20	0.6939	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:29:46

54.20

0.6939

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,470,259.85	3,557,893.30	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,470,259.85

3,557,893.30

Polygon (MATIC) Looks Set For A Retracement After Recent Gains

24/07/2022 11:44am

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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MATICUSD Polygon