Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level

Even with the encouraging reports of Polygon closing agreements and becoming one of the most acquired tokens by ETH whales, the future of its native token, MATIC, is not looking very bright. From September 13 onward, it fell in line with the rest of the cryptocurrency market. The 7–12 September rise was ultimately denied by bears at the $0.9403 resistance area. With the same 5-day time frame since then, the token’s value has plummeted by a staggering 20.65 percent. At the time of writing, the token’s price was hovering around the 78.60 Fibonacci retracement level, between $0.6898 and $0.7770. Traders should keep an eye on both the 61.80 Fib level (now at $0.6989) and the 0.7185 support level. These two factors have counteracted the downward trend and given the upward momentum at the hourly marks some much-needed support. Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally? Chart: TradingView.com Polygon Bullish Momentum Hints At Demand Also, bullish momentum appears to be building around the 1-hour time frame. Increases in the Stoch RSI value indicate that demand for the cryptocurrency is increasing. In addition, the momentum indicator shows that the trend is rising. A larger amount of momentum produced here, though, can have a major impact on the wider picture. This minor rising trend may be attributable to the expanding development activities in the Polygon chain. This i...