World Crypto Global
- Written by: Rudy Fares
- Wed, 27 Oct 2021
- Germany
While the cryptocurrency market is retracing, Polygon MATIC prices gained more than 3% in the past 24 hours. Bitcoin played a major role in the crypto market downfall. Its price adjustment was inevitable after such an extended rise. However, MATIC seems to continue on its path upward, eyeing an important psychological price area. Will MATIC price continue going upwards or will it retrace back like most cryptocurrencies? Polygon MATIC Price is still on an Uptrend! If we look at the general trend of Polygon MATIC, we can clearly see an uptrend since the beginning of the month of October 2021. Prices reversed their previous downtrend and had a first target to reach the price area of USD 1.8. The current price of MATIC is above this price, currently around USD 1.83. Today, while most cryptocurrencies are down, MATIC is showing a strong resistance around the USD 1.8 price area. Fig.1 MATIC/USD 4-hours chart showing the trend reversal of MATIC - TradingView Will MATIC Price Retrace soon? The cryptocurrency market is already retracing, so it won't be a huge surprise if MATIC prices also follow soon. If we plot the Fibonacci retracement, we can estimate a retracement towards the USD 1.55 price area. Of course, this all depends on different factors: The general crypto sentiment Bitcoin's price MATIC's fundamentals Even if all the above are in place, we might still have a retracement towards the 38.2% area. In fact, this is a normal price-action behavior whenever an uptrend is happening. Fig.2 MATIC/USD 4-hours chart showing a potential retracement for MATIC - TradingView Polygon MATIC Trade Setup If you really want to buy MATIC and dip your toes in the Polygon infrastructure, we advise you to open the following trade setup: Entry: USD 1.8 SL: USD 1.7 TP: USD 2.2 However, we don't recommend opening any position currently, especially while the entire crypto market is down. Fig.3 MATIC/USD 1-day chart showing a trade setup - TradingView Stay Ahead, Stay UpdatedRudy Fares ethereum scaling polygon matic hermez © Cryptoticker The post Polygon MATIC Price will SOAR in the coming weeks…Here’s Why appeared first on CryptoTicker.
