Is MATIC retracement a chance to buy the token?


  • Polygon has witnessed strong fundamentals boosting the native token

  • Polygon’s MATIC pulled back sharply on Tuesday

  • MATIC faces some more pressure as the price dips below the moving averages.

Polygon’s MATIC/USD will rarely miss the basket of the go-to cryptocurrencies. It is one of the cryptocurrencies that has made good headlines. The price has also responded well to strong fundamentals.

Polygon’s most recent foundations are a partnership with Starbucks. The coffee chain giant said it would use Polygon for its collectible digital stamps. The move is part of the company’s entry into Web3 with the Starbucks Odyssey program.

ALSO READ  NFT NYC 2022: A Look Inside a Massive NFT Conference

On Aug. 31, Robinhood said it would let users send and receive MATIC on the polygon network. That extends the usefulness of MATIC beyond the Ethereum network. The move was inspired by the need to cut massive costs on the Ethereum network.

MATIC slides below the moving average and adds bearish pressure


eToro is one of the world’s leading multi-asset trading platforms and offers some of the lowest commissions and fees in the industry. Its social copy trading features make it a great choice for those getting started.

Buy MATIC today with eToro

ALSO READ  Certificate and Veriff partner to improve medical diagnostics

Bit Stamp

Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that provides users with an intuitive interface, a high level of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MATIC today with Bitstamp

Source – TradingView

Technically, MATIC is not yet in a buying zone. At current trading of $0.85, the price could slide further towards a small support at $0.76.

Another bear indicator is the moving average. MATIC trades below the 20 and 50 day moving averages. Likewise, an RSI value of 48 suggests that MATIC is not oversold yet. With bear sentiment growing after the inflation data, a more likely direction is down.

ALSO READ  Bybit launches its USDC options for ETH and SOL

On the other hand, MATIC has maintained a rising trendline. If the price maintains the trendline, MATIC may turn bullish. Investors should consider buying on price action signals or if the token recovers above the moving average(s).


While MATIC remains vulnerable, the rising trendline could trigger a bullish move. Investors should pay attention to bullish signals. A break below the trendline causes the token to shift towards small support at $0.76.