Has Polygon’s (MATIC/USD) lost its mojo, or should you buy it now?
Polygon token has lost 2% in the day and 6% in a week
Bulls continue to defend $0.77 amid weak momentum
We need further price action to ascertain the potential direction for MATIC.
Polygon’s (MATIC/USD) is one of those cryptocurrencies that has endured the bear turbulence quite well. The cryptocurrency looked prime for a sustained recovery after hitting $1.30 in early November. However, a contagion of risks in the crypto sector pushed MATIC to the $0.77 support. As of press time, the token traded at $0.83, with an intraday loss of 2%.
Polygon has been exceptional in terms of onboarding projects into its ecosystem. The latest cryptocurrency news involved Nike launching an NFT marketplace on Polygon. The around-a-week-old development was welcome among the Polygon enthusiasts. Unique addresses on the network hit a record 190.95 million as of November 14. Nike’s partnership underlines big brands courting Polygon for their web3 plans. Meta is another entity that has announced plans to use Polygon for its NFT project.
The positive developments have allowed MATIC token to stay bullish, although a weekly loss of 6% should not go unnoticed.
MATIC trades with weak momentum, but bulls defend $0.77
MATIC/USD Chart by TradingView
On the daily chart, momentum is weak for MATIC, with the MACD indicator dipping further into the bearish territory.
A recovery above the $0.77 support was curtailed by the 50-day moving average, which has since forced a correction. The cryptocurrency trades below the 20-day and 50-day MA.
What next for MATIC?
The price of MATIC is mixed. The technical indicators show that the cryptocurrency is bearish. However, the bulls have successfully defended a crucial $0.77 support. It means any potential bullish reversal should begin from the level. Further price action is needed to make a bullish or bearish call.
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