Porygon Token lost 2% in 1 day, 6% in 1 week
Bulls Hold $0.77 Amid Weak Momentum
Further price action is needed to confirm MATIC’s potential direction.
Polygon (MATIC/USD) is one of them. Cryptocurrency It has withstood bear turbulence very well. Cryptocurrencies looked great for a sustained recovery after he hit $1.30 in early November. However, risk spillovers in the crypto sector pushed MATIC to his $0.77 support. At the time of writing, the token is trading at $0.83 for him, with an intraday loss of 2% for him.
Polygon excels at onboarding projects into its ecosystem.up to date cryptocurrency news It had to do with Nike launching an NFT marketplace on Polygon. The development about a week ago was welcomed by Polygon enthusiasts. Unique addresses on the network reached a record 190.95 million as of November 14th. Nike’s partnership highlights major brands seeking Polygon for their web3 plans. Meta is another entity that has announced plans to use his Polygon for NFT projects.
Positive developments have allowed the MATIC token to remain bullish, but the 6% weekly loss shouldn’t go unnoticed.
MATIC Trades Weak, But Bulls Defend $0.77
MATIC/USD chart by TradingView
On the daily chart, MATIC’s momentum is weak and the MACD indicator has fallen further into bearish territory.
A recovery above the $0.77 support was constrained by the 50-day moving average, forcing a correction. The cryptocurrency is trading below its 20- and 50-day moving averages.
What’s next for MATIC?
of matic price are mixed. Technical indicators show that the cryptocurrency is bearish. However, the bulls have successfully defended the critical $0.77 support. This means that a potential bullish reversal must start from the levels. Further price action is required to make a bullish or bearish call.
Where to buy Matic
eToro
eToro offers a wide range of cryptocurrencies such as Bitcoin, XRP, as well as crypto-fiat and crypto-crypto pairs. eToro users can connect, learn, copy, and be copied by others.
Buy MATIC today on eToro
bit stamp
Bitstamp is a leading cryptocurrency exchange offering fiat or cryptocurrency trading in general. Bitstamp is a fully regulated company that offers its users an intuitive interface, high security of their digital assets, excellent customer support and multiple withdrawal methods.
Buy MATIC now on Bitstamp