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Polygon (MATIC) nears all-time high, unable to re-test support levels

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Polygon (MATIC) token has acquired a bullish overtone and is now trying to re-enter the $2 price levels. Being a little more than 25% away from its all-time high, Polygon is currently trying to break through the resistance present at the $1.98 price level.

In the last 90 days, the token has reached a high of $2.22 and a low of $1.01, proving to be an excellent investment. The monthly candle for October closed at $1.93, marking a price surge of more than 70%. However, the starting of November hasn’t been particularly bullish for Polygon as compared to 1st October, when the token rose by more than 12%.

The data from CoinmarketCap shows that the 24-hour trading volume of the token dropped by 9.10%, while the market cap currently stands at $12.9 billion.

Polygon price analysis on the daily chart using technical indicators

According to the technical indicators on the daily chart, the Polygon price analysis has been moving sideways in the short term, followed by a 21% price surge experienced on 28th October. With the prices moving up, the momentum is still above the 50-day and 100-day Moving Averages.

Furthermore, following a breakout from the upper end of the Bollinger Bands, the Polygon token (MATIC) is resting near the upper end. This indicates a bullish trend in the short term.

Polygon price analysis
Polygon price analysis on the daily chart by TradingView

On the other hand, the RSI line has above the 60-level but below 70. This could further suggest that the buying pressure is prevailing as the token remains bullish in the short term.

The MACD indicator shows that the MACD line and the signal line are coming close, and if the blue line drops below after the intersection, a bearish divergence will occur. This generally means that lower prices will transpire in the short term.

Polygon price analysis on the daily chart by TradingView

Final Verdict

The final verdict from TronWeekly suggests that the current momentum for the token is bullish in the long term and new all-time highs are near. Although the current momentum is sluggish, higher prices are certainly possible.

MATIC strong above $1.7 key level after BTC’s correction; Upward rally to follow

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MATIC token has been performing really well this week, and the current MATIC/USDT pair shows a bullish attitude. Despite the sharp price correction by Bitcoin, as TronWeekly reported, the coin is staying impressively strong above the major $1.7 resistance level.

As per the TradingView chart, MATIC has recorded a day’s low at $1.60 after the sharp BTC crash earlier today. However, it recovered quickly and came back above $1.7 resistance, and is currently trading at $1.74. Interestingly, today’s high before the BTC correction was recorded at $1.93, which boosted investors’ confidence over the bullish momentum of the coin.

MATIC price analysis on 24-hour chart using technical indicators

MATIC/USDT pair has major resistance at $1.70 level with support at $1.43. The bullish attitude is confirmed by the strong recovery after today’s correction incident.

The price analysis using Bollinger Band indicates that we can see a breakout of the coin from the upper edge of the band as it is currently residing around the band’s upper portion.

The 50-day and 100-day moving averages (MA) act as the strong support level for the coin as it is gracefully dancing above these levels, further confirming the bullish traits.

Source: tradingview

Looking at the Relative Strength Index indicator, we can clearly see that the coin is going to enter the overbought region as the gradient is positive. We can see a large selling pressure after some days, but for now, RSI also joins hands with the Bollinger Band indicator confirming a bullish scenario.

Along with that, as we can see below, the MACD line is progressing above the signal line, indicating a bullish motion for the MATIC/USDT pair.

Source: tradingview

Final Verdict

In the past 30 days, the coin reached a high of $1.93 and a low of $1.05 making a total gain of 83%. MATIC seems bullish right now, and with the arrival of “Moonvember,” we can expect the coin breaching its all-time high (ATH) at $2.7 to mark a new ATH.

MATIC Bulls Dodges a Crack in Support Despite Drop to $1.8

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MATIC, the native token of Polygon, has performed exceptionally well despite another tough week for the cryptocurrency market. The asset accrued weekly gains of 44.29% after defying the general market trend. One of the major drivers of MATIC’s uptrend was Polygon’s rise to prominence with integration with various industry behemoths such as Google Cloud as well as Tech billionaire Mark Cuban’s investment in it.

It had posted a swift recovery after fall to $1.05 on the 23rd of May. The subsequent pullbacks were not as damaging to the coin which maintained its streak above a crucial support point.

After a minor decline of 1.28% over the past 24-hours, MATIC was exchanging hands at $1.87. At the time of writing, the digital asset recorded a market cap of $11.55 billion and a 24-hour trading volume of $3.55 billion.

MATIC Daily Price Chart:

MATIC’s price has found crucial support. The upsloping moving averages continued to support the price of candles. The 50 DMA’s [Pink] attempt to exceed the candlestick arrangement was cut short by a quick recovery. The 100 DMA [Purple], on the other hand, continued to hover below it indicating that bulls are in control of the market.

The volume has also been moderate could, in fact, push the price the of coin.

The red closing bars of Awesome Oscillator noted a shift in momentum to the bearish side as the price approached its upper ceiling. The MACD slid down the signal line after sustaining a correction, however, if it manages to complete a bullish crossover, the price could move north of the upper trendline sooner than expected.

Optimism rose as RSI maintained its fort above the 50-median level which depicted a sentiment of increasing buying pressure in the market.

A break below $1.69 could open the doors for a further depreciation all the way down to the 50 DMA at $1.03. On the contrary, if the bulls defend the coin’s current price level support, the MATIC/USD pair may rise to the immediate resistance of $2.20 A breakout of this target level could result in a rally to $2.44.

Inaccurate claim on Matic Token frightens crypto community, here’s what happened

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Coinbase backed Matic token is currently bleeding 51.45 percent of its value within the past 24hrs, which has severely affected Matic holders. “Crypto community members allege that the token holders basically became 1% poorer every 15 seconds for 30+ minutes in a row”.

https://twitter.com/MoonOverlord/status/1204213570755543043

If you are an active crypto community member and have been following Matic-related tweets on Twitter, you must have also noticed the long debate over Matic token’s declining price as well as few statements by team backing it.

It appears that the inaccurate claim by Samuel JJ Gosling, founder of a self-governing cryptocurrency evaluation platform, Validity over Matic tokens frightened crypto community members, many of whom are likely Matic, token holders.

The claim stated that the Matic Network Foundation had transferred 15% of the supply, i.e., 1,495,322,715 $MATIC token in the past 50 days. In fact, reports also alleged that a certain portion of such amount has also been sent for liquidation at Binance.

As soon as the analysis surfaced on social media, Twitter, founders of Matic Network as well as Binance boss Changpeng Zhao (CZ) gave the brush-off to these allegations. In fact, one of Matic’s founders, Sandeep Nailwal, hit back and pointed these allegations as “complete BS (Bullshit).” He called it “FUD account” and went on to say;

We will post the exact numbers. This is complete BS, the out amount is from the smart contract lockup account to Foundation account, said Mr.Nailwal. Amounts sent to Binance or any other accounts are in conjunction with our token release. Why would a project do this deliberately?

Despite this, “Samuel JJ Gosling” remained stiff-necked on his analysis until Eric (who by his Twitter profile involved with EthHub, a platform that provides research and resources to learn about Ethereum) disclosed “actual facts” that barely require any explanation. Eric revealed that the actual movement was about ~290,000,000 MATIC to Binance NOT 1,495,322,715”.

What’s more interesting is that the man who shared “data about Matic with billion figures” acknowledged his mistake and quickly asked an apology for an inaccurate claim. He concedes his fault of claiming the movement of 15% Matic supply and said that it was only 3% of supply that seems had been liquidated.

I made a miscalculation and included inputs as well as outputs in my computation – wrote Samuel JJ Gosling.

Before Samuel’s apology on an inaccurate claim, the topic got the attention of Binance CEO Changpeng Zhao (CZ), who quickly reassured users that the team MATIC has nothing to do with it (token transfer). He tweeted as follows;

Despite CZ and Matic’s founder’s quick response to an allegation, few community members beg to differ with their explanation. Furthermore, few community members questioned CZ on how can he be so confident that MATIC has nothing to do with it while it appears “it was likely only one trader (or small group) orchestrating ~all of this if you looked at the behavior of the order book.” Nevertheless, as per Alexandre Dreyfus, the founder of the sports and entertainment blockchain firm Chiliz, “it is clear because Binance can check Matic Wallets inside Binance.”

Moreover, few also stated that the official community Channel of MATIC on Telegram became restricted, refraining members from sending messages. In a nutshell, Mr.Nailwal defies various claims which were made on “MATIC token transfer” and elaborated;

You dint do an analysis. 1.4bn tokens you quoted, 1.08 bn txn is a transfer from smart contract lockup account to foundation account You counted it in total movement of tokens. Rest moved tokens are as communicated. Screenshot is also misleading We are posting in detail about it.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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