With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?
- Twitter’s Altcoin Sherpa endorsed MATIC.
- Polygon said MATIC token would soon be available on Bitfinex.
Since the market sell-off on September 7, MATIC has been attempting to regain its initial bullish momentum. Although lower highs outlined its positive trend, traders were unable to maintain prices.
Its recent rise from $1.20 may be beneficial if another higher high forms. Bulls would lose out if the market closed below the 23.6 percent Fibonacci threshold. According to CoinMarketCap, Polygon price is $1.19 USD with a 24-hour trading volume of $1,143,929,659 USD.
Closing over $1.50 would have solidified an uptrend, but that wasn’t the case yet. A pair of red candlesticks on the charts signalled the end of MATIC’s next upcycle.
While MATIC’s trend is perplexing, the signs have improved. On September 15, the RSI climbed above the half-line and briefly into the overbought zone, indicating a bullish rebound. Bulls held sway as the RSI found support around the mid-line.
A Positive Trend Maybe Anticipated
Twitter’s Altcoin Sherpa endorsed MATIC. Despite the token’s current consolidation, prediction is of significant increases in the following run. As per the tweet, it expects MATIC to hit $1.75 on the next leg up.
MATIC was trying to build an uptrend following a double top formation, but market watchers were sceptical. The bulls had an advantage in each case, and a win is not out of the question. A positive trend may be anticipated if MATIC rebounds back from the 38.2% Fibonacci level and reaches $1.50.
Polygon just tweeted that MATIC token would soon be available on Bitfinex. It’s one of the oldest and most reputed liquid exchanges.
Thanks to Bitfinex’s integration, users will access MATIC on all major exchanges, including Coinbase and Binance. Also, it can act as a catalyst to bring back the lost momentum for MATIC.
The post has appeared first on thenewscrypto.com
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
