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%).<\/p>\n
The crypto has been able to mount a decent rally, climbing 13%<\/a> in the last seven days. But, there\u2019s a lot of higher ground to cover.<\/p>\n The token\u2019s current trading price of $1.05\u00a0which is below its opening price of $1.30, indicates that it was strongly rejected at that level. Since the MATIC token\u2019s Stoch RSI values have recently been trending down from the overbought side, this poses a substantial risk to bulls.<\/p>\n Will MATIC be able to maintain its stability or will it eventually fail?<\/p>\n 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.<\/p>\n 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.<\/p>\n The bull-bear strength indicator is currently on the bears\u2019 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\u2019s path to further highs.<\/p>\n As Polygon becomes increasingly connected<\/a> with traditional financial institutions, investors and traders should monitor macroeconomic developments.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n This price fluctuation also disrupted MATIC\u2019s link with Bitcoin<\/a>, 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.<\/p>\n MATIC total market cap at $8.5 billion on the daily chart | Featured image from Blockchain News, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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%).<\/p>\n The crypto has been able to mount a decent rally, climbing 13%<\/a> in the last seven days. But, there\u2019s a lot of higher ground to cover.<\/p>\n The token\u2019s current trading price of $1.05\u00a0which is below its opening price of $1.30, indicates that it was strongly rejected at that level. Since the MATIC token\u2019s Stoch RSI values have recently been trending down from the overbought side, this poses a substantial risk to bulls.<\/p>\n Will MATIC be able to maintain its stability or will it eventually fail?<\/p>\n 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.<\/p>\n 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.<\/p>\n The bull-bear strength indicator is currently on the bears\u2019 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\u2019s path to further highs.<\/p>\n As Polygon becomes increasingly connected<\/a> with traditional financial institutions, investors and traders should monitor macroeconomic developments.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n This price fluctuation also disrupted MATIC\u2019s link with Bitcoin<\/a>, 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.<\/p>\nLarge Correction Forms For Polygon<\/strong><\/h2>\n
MATIC Performance On The Crosshair<\/strong><\/h2>\n
Large Correction Forms For Polygon<\/strong><\/h2>\n
MATIC Performance On The Crosshair<\/strong><\/h2>\n