- Polygon is trading with a slight bearish bias, dropping -1.21% to trade at the 1.5970 level.
- Matic price prediction is neutral as the pair has dropped from $1.7060 to $1.5984 level on the back of a bearish correction
- Forex trading participants may look for a buy trade above the $1.5480 level to the target of $1.6500 and $1.7153.
The Polygon is trading with a slight bearish bias on Tuesday, dropping -1.21% to trade at the 1.5970 level. The day before, MATIC/USD closed at $1.62302 after placing a high of $1.68516 and a low of $1.59099. After rising for four consecutive sessions, MATIC/USD remained flat throughout the trading session amid the lack of any recent developments in the ecosystem of Polygon. If you are wondering what to expect and how to buy Matic, let’s find out below…
After reaching close to the $1.70 level, the MATIC/USD faced resistance and turned its trend otherwise. The cryptocurrency lost all of its daily gains and closed its session at the same level it started its day and gave a flat movement.
Decentralized Autonomous Organization (DAO) Support MATIC
The recent rally in the Polygon token was triggered by the plans revealed by the network to introduce a Decentralized Autonomous Organization (DAO) for Ether’s DeFi ecosystem. The move was planned to add more than 100 million users to the Polygon network. The addition of the DAO feature will provide a common platform for developers and users to discuss ideas and lead to a stronger community.
Another benefit that the DAO feature will provide will be better interoperability between crypto projects. This news about the launch of the DAO feature on the Polygon network has been keeping the price of its token MATIC/USD higher than the previous few days.
Furthermore, the rising prices of BTC/USD also helped MATIC to increase its daily gains and reach near the $1.70 level. The leading cryptocurrency improved the whole market sentiment as its adoption rate continuously surged.
The improved market mood pushed the prices of MATIC closer to a new resistance level. After touching this level, the cryptocurrency started declining and reached the same level it started its day, giving null movement for the session.
Matic Price Prediction – Technical Levels
Support Resistance
1.58096 1.67513
1.53889 1.72723
1.48679 1.76930
Pivot Point: 1.63306
MATIC/USD Retests 1.5450 Resistance – How to Buy MATIC?
The Matic price prediction is neutral as the pair has dropped from $1.7060 to $1.5984 on the back of a bearish correction. On the 4 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends resistance at the 1.6500 level. Since the MATIC/USD has crossed below this level, the chances of a bearish correction remain solid.
On the 4 hour chart, the pair violated an ascending triangle pattern extending resistance at the 1.5465 level. A bullish crossover at the 1.5468 level leads the MATIC/USD higher. However, this level is now working as a support.
On the bullish side, the breakout of 1.7060 resistance could lead the pair towards the 1.7750 level. Alternatively, the breakout of 1.5485 support exposes the MATIC/USD pair towards the 1.4500 and 1.3880 levels.
Therefore, forex trading participants may look for a buy trade above the $1.5480 level to the target of $1.6500 and $1.7153. Alternatively, we may see a selling trend below the $1.7060 level. All the best.
How to Buy Matic?
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