-
Polygon is looking at strong fundamentals that boosted the native token
-
Polygon’s MATIC retreated sharply on Tuesday
-
MATIC faces some more pressure as the price moves below the moving averages.
Polygon’s MATIC/USD will hardly leave the basket of go-to cryptocurrencies. It is one of the cryptocurrencies that is making good headlines. The price is also reacting well to the strong fundamentals.
Polygon’s most recent fundamentals are partnerships with Starbucks. The coffee chain giant said it would use Polygon for its collectible digital stamps. The move is part of the company’s foray into Web3 with the Starbucks Odyssey program.
On August 31, Robinhood said it would let users send and receive MATIC over the Polygon network. This extends the usefulness of MATIC beyond the Ethereum network. The move was driven by the need to cut huge costs on the Ethereum network.
MATIC slides below the moving average, adding to bearish pressure
eToro
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. Its social copy trading features make it a great option for beginners.
Buy MATIC with eToro today
plus500
Plus500 is a leading provider of Contracts for Difference (CFDs), providing leveraged trading on +2,000 financial instruments including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC License Number (#250/14)
Buy MATIC today with Plus500
Source – TradingView
From a technical point of view, MATIC is not yet in the buying zone. In the current trade at $0.85, the price is likely to move towards minor support at $0.76.
Another bear indicator is the moving average. MATIC is trading below the 20-day and 50-day EMA. Similarly, the RSI reading of 48 shows that MATIC is not oversold yet. A more likely direction is to the downside, with bear sentiment rising after inflation data.
On the other hand, MATIC has maintained an ascending trend. If the price maintains the trendline, then MATIC could turn bullish. Investors should consider buying on price action signals or if the token moves above the moving average(s).
summary
While MATIC remains weak, an ascending trendline could ignite a bullish move. Investors should watch for bullish signals. A break below the trendline would see the token slide towards minor support at $0.76.