• Mon. Jul 15th, 2024

Polygon’s MATIC recovers support. What next?

  • Polygon’s native token MATIC has gained by 8.00%, underlining solid recovery.

  • Brokerage firm Robinhood said it would launch its Web3 wallet on Polygon

  • Bulls are in control, but it remains to be seen of price action at $0.90 and trendline

Polygon’s MATIC/USD could be back to winning ways if the latest gains are to go by. As of press time, MATIC had added 8.00% and looked increasingly bullish. There has been a string of positive developments for the Ethereum Layer-2 scaling solution. Let’s look at the latest.

Robinhood, an online brokerage firm that promises commission-free trading, remains a retail darling. Although the popular trading platform has taken a hit this year, it always elicits excitement on major news.

On September 27, Robinhood announced its Web3 wallet would launch on Polygon. That comes after, earlier, launching MATIC transactions on Polygon. However, MATIC remained largely bearish in September, coinciding with the weak crypto sentiment.

MATIC outlook as recovery continues above $0.76 support


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It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

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If we turn to the technical side, MATIC has recovered the $0.76 support after the price slipped temporarily below. The level remains crucial to a technical reader since bulls have defended it since July. The latest surge could imply that buyers are getting active.

Source – TradingView

Looking at the moving average, MATIC has recovered above the 20-day MA. It is also moving above the 50-day MA. The MACD indicator remains in the bear zone but shows a bullish building momentum. However, MATIC remains trapped by a short-term descending trendline.

Concluding thoughts

A bull case scenario for MATIC could be confirmed by a bullish moving average crossover. The price has to move above the short-term descending trendline. Otherwise, a price rejection at the descending trendline would invalidate any bullish bias. 

Another price point of interest is $0.90. It coincides with a minor resistance and could force a correction.

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