Polygon (MATIC) investors should be happy as they now have the opportunity to earn some profits given the current bullish run. While the entire cryptocurrency sector is facing the winters, MATIC seems to have landed into the summer.
Recent Movement of MATIC
The investors must remain alert as the bullish run may not stick around for long. They need to benefit from it as fast as they can before the gains window closes.
Although the bulls tried to push MATIC’s price higher in the past, they were met with strong resistance by the bears. The bulls have been attempting to break the backbone of the bears with increased buying power.
Still, the power was not enough to take down the bears and the tables were turned by the opposition. The bears negated the buying efforts of the bulls and the trend started to move into the negative zone.
In the light of the above happenings, the experts are sharing mixed signals surrounding MATIC. However, the majority of the signals seem to be pointing towards a bearish movement but not in a consecutive manner.
Mixed Signals Recorded for MATIC
The recent bullish attempts made by the bulls show that they aiming to push MATIC’s price all the way up to the 55-day SMA. It is known to be the backbone of the bears as it represents a resistance level for MATIC throughout the year 2022.
The 55-day SMA has also acted as the cap for MATIC as it hasn’t let it grow past that mark. Any rally or push above that level has observed a rejection from the investors’ end on a larger scale.
It is expected that the trading price of MATIC may continue plunging. However, there are a few thin chances that the trading price of MATIC may recover a bit. This is because the candlestick pattern is forming a small level rally from time to time.
Given the amount of time the rally has been recorded, it is safe to say that it is a rarity that seems to be occurring for MATIC from time to time.
The Bulls Caused the Dip
The graph shows that as the price of MATIC started moving closer to $0.60 (55-day SMA), the bulls started selling it to profit from it. The price graph or MATIC suggests that if the selling spree continues, MATIC’s price may continue sliding. In the upcoming days, the trading price of MATIC may dip to $0.390.
Given the current circumstances, it is understandable why the investors are confused and what might be their preferences about MATIC in near future.
