Polygon has been witnessing strong fundamentals that boosted the native token
Polygon’s MATIC retraced sharply on Tuesday
MATIC faces some more pressure as the price moves below moving averages.
Polygon’s MATIC/USD will rarely miss out on the basket of the go-to cryptocurrencies. It is one of the cryptocurrencies that has been making good headlines. The price has also been reacting well to the strong fundamentals.
The most recent fundamentals of Polygon are a partnership with Starbucks. The coffee chain giant said it would use Polygon for its collectible digital stamps. The move is part of the company’s entry into Web3 with the Starbucks Odyssey program.
On August 31, Robinhood said it would let users send and receive MATIC on the polygon network. That expands MATIC’s utility beyond the Ethereum network. The move was inspired by the need to cut the huge costs on the Ethereum network.
MATIC slides below the moving average adding 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. It’s social copy trading features make it a great choice for those getting started.
Buy MATIC with eToro today
Disclaimer
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy MATIC with OKX today
Disclaimer
Source – TradingView
From the technical outlook, MATIC is not yet in a buy zone. At the current trading of $0.85, the price could slide further to minor support at $0.76.
Another bear indicator is the moving average. MATIC is trading below the 20-day and 50-day moving averages. Similarly, an RSI reading of 48 suggests that MATIC is not yet oversold. With the growing bear sentiment after the inflation data, a more likely direction is to the downside.
On the flip side, MATIC has maintained an ascending trendline. If the price keeps the trendline, MATIC could turn bullish. Investors should consider buying on price action signals or if the token recovers above the moving average (s).
Summary
While MATIC remains vulnerable, the ascending trendline could ignite a bullish move. Investors should watch for bullish signals. A break below the trendline will see the token slide to minor support at $0.76.
