With a market cap of almost $1.76, Polygon MATIC is in a critical demand zone

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The team responsible for Polygon MATIC ecosystem has been announcing a new integration every few months.

Polygon MATIC price has stirred from its long period of stagnation and went down on the day, trading for about 1.7$.

After reaching its high at around $2.22, the price of the cryptocurrency has been trading between $1.95 -$2.34 depending on the time frame. However, it has not shown signs of volatility until now so it is difficult to assess what will happen next.

New features in the latest Polygon MATIC Ecosystem.

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At its core, Polygon has created a ground-breaking blockchain platform with ongoing updates to its multi-chain ecosystem. Recent reports confirm that Idle’s protocol is live on Polygon’s blockchain, complementing their B2B program.

Recently, Wormhole announced that they were added to Polygon which enhances tokenization, gaming, and NFTs on the entire Polygon platform.

That said, Polygon Protocol keeps expanding and adding new partners, which is why the price of their tokens grows in a broader perspective.

Must Read: Polygon MATIC White Paper

Picking Up Buying Demand?

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Considering the technical outlook, things change from a short-term point of view. The next lower target, around 50%, is put at $1.76 in the H4 chart, in accordance with the Fibonacci retracement levels.

If the recent lows at $2.35 are defended, MATIC could finally see demand increase and reactivate its rally towards the $2.20 zone in a corrective wave. After clearing out that level, it’s eyes on the broader picture to decide if it’ll be bullish or bearish moving forward.

Nevertheless, if Polygon MATIC plunges because of sudden sellers and falls below the 200 SMA, the value could crash and head towards 78.6% Fibonacci retracement at $1.38, followed by $1.15

As of now, the RSI indicator is moving back to the oversold territory, which could call for a possible bottom at this stage. It also favors a possible rebound.

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Must Read: Facebook Meta – The Complete Guide to the Metaverse and How it Will Shape the Future of Virtual Reality

https://cryptogurukul.com/currencies/MATIC/matic-network/USD/

Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

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