Category Archives: Polygon News

Key Support levels: $1.6, $1.4
Key Resistance levels: $1.8, $2
MATIC’s price saw a sharp drop after hitting the $2 resistance and fell all the way to $1.6 at the time of this post. If the correction continues, then the cryptocurrency can rely on good support at $1.4. The current resistance sits at $1.8.
Chart by TradingView
Technical Indicators
Trading Volume: In the past five days, the volume has closed in red, singling a strong pullback after buyers failed to push MATIC above $2. Bulls do not seem to be very interested in MATIC right now, and they might be waiting for lower levels to participate.
RSI: The daily RSI is falling in line with the price. The question is if MATIC can stop the correction here or if the price will continue to fall to $1.4. Either way, it is important for the RSI to not make a lower low.
MACD: The daily MACD is quickly approaching a bearish cross. Therefore, it is important for buyers to defend the price at $1.6 otherwise, this correction will likely continue for some time.
Chart by TradingView
Bias
The current bias for MATIC is bearish. There is very little buy pressure or interest from buyers at this time.
Short-Term Price Prediction for MATIC
MATIC has good support at $1.4 and will likely test this level again if bulls do not step up their game. The price action remains bearish and the indicators do not give a lot of hope right now for a reversal.

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Cryptocurrency charts by TradingView.

Polygon (MATIC) has dropped by more than 40% from its record high of $2.92, established on Dec. 27, 2021. But if a classic technical indicator is to be believed, the token has more room to drop in the sessions ahead.MATIC price chart painting classic bearish patternMATIC’s recent rollover from bullish to bearish, followed by a rebound to the upside, has led to the formation of what appears like an inverted cup and handle pattern — a large crescent shape followed by a less extreme upside retracement, as shown in the chart below.MATIC/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingViewIn a “perfect” scenario, inverted cup and handle setups set the stage for a downturn ahead. As they do, the price tends to fall towards levels that are at length equal to the maximum distance between the setup’s top and bottom, when measured from the breakout level.Therefore, if MATIC breaks bearish out of its “handle” range, i.e., a drop accompanied by an increase in volumes, it may fall toward $0.86, nearly 50% below its current prices, in the future.Polygon bullish scenarioPolygon’s extremely bearish outlook emerged amid a broader crypto market correction in 2022.Top tokens Bitcoin (BTC) and Ether (ETH) trimmed nearly 11% and 22% off their market valuations year-to-date. Their plunge also triggered similar downside moves elsewhere in the crypto market, with its overall valuation falling to $1.878 trillion on Feb.11 from $2.190 trillion at the beginning of this year.Polygon’s market capitalization dropped to $12.96 billion from $18.10 billion, with MATIC’s per token price plunging over 30% to $1.734 in the same period. Nonetheless, a technical support confluence kept the token’s bullish hopes alive.In detail, two support levels in the form of MATIC’s 200-day exponential moving average (200-day EMA; the blue wave in the chart below) and a multi-month upward sloping trendline (purple) helped MATIC limit its bearish bias. MATIC/USD daily price chart featuring its key support levels. Source: TradingViewThe Polygon token has been again testing the support confluence for a potential price rebound ahead. However, it appears that an upside retracement would have MATIC retest an imminent resistance level above in the form of a negative sloping trendline (blacked). As a result, a bullish setup could emerge only on a decisive rebound, i.e., price rising alongside trading volumes.If not, MATIC would risk validating the inverted cup and handle pattern above which, according to veteran analyst Tom Bulkowski, has a 62% success rate.Strong on-chain dataMATIC serves as the currency of the Polygon ecosystem with its primary use cases involving fees and staking. Users can choose Polygon for its ability to process Ethereum transactions faster and at a cheaper rate. Related: Polygon raises $450M in Sequoia-led funding roundFor that reason, Polygon’s daily active addresses (DAA) now averages around 300,000 a day compared to 759 at the beginning of 2021, according to data provided by PolygonScan.com.Polygon daily active addresses. Source: PolygonScan.comAnalysts at Panther Research considered a rising DAA as bullish for MATIC, citing Ethereum as their benchmark, whose increasing DAA has been correlating with a rise in ETH prices. Ethereum active addresses. Source: GlassnodeExcerpts from their note:”Given how closely Ethereum’s network adoption and Polygon’s are related, coupled with the fact that Polygon’s PoS Sidechain is set to overtake moving forward and as more solutions are deployed by L1s, it would be reasonable to anticipate that the MATIC token is set to gain value in time to come.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Polygon (MATIC) price has surged more than 80% following the consolidation in January. The token has breached the 200-day Simple Moving Average (SMA) at $1.62 but the rally remained short-lived. As the price dropped 19% in just two days.

Polygon (MATIC) consolidates after two days of massive loss.
MATIC price face rejection near 50-day SMA at $2.13.
After making swing top investors expect price retracement toward $1.40.

At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. As per the CoinMarketCap, the 24-hour trading volume is at $1,596,249,328 with a live market cap of $12,727,985,545.
MATIC At a Crucial point
Source: Trading view
On the daily chart, Polygon (MATIC) price has formed a downside pattern from the October $2.92, with a classic lower high lower low formation. MATIC price has sliced through the 50-day Simple Moving Average (SMA) at $2.27 on January 17, the price falls like a pack of cards.
However, buying pressure emerged near the lower trend line near the $1.35 historical demand zone. Furthermore, the price has breached the 200-day Simple Moving Average (SMA).
MATIC price may face its first downside target at the $1.40 horizontal resistance line. Furthermore, a break below the mentioned support level, the price could test the $1.20 lower trend line of the downside channel.
On the other hand, if the price is able to sustain the session’s low then it could reverse back to the psychological $2.0 level followed by the $2.20 horizontal resistance line.
Technical Indicators:
RSI: The Relative Strength Index (RSI) sliced below the moving average line indicates bulls are tiring near the higher levels.
MACD: The Moving Average Divergence Convergence (MACD) holds below the midline points at the bearish bias.

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Polygon’s native token MATIC registered strong gains in the past week when it climbed from $1.49 to $2.1, before getting rejected at a long-term resistance level. Polygon has had some positive news surrounding it in the past couple of weeks, such as setting a dApp milestone. However, the selling pressure on Bitcoin in the twelve or so hours preceding the time of writing, saw MATIC take a hit as well.
Source: MATIC/USDT on TradingView
The $2 area was a round-number resistance level. Also, a long-term resistance level. The price tested this level twice in quick succession in the past few days and looked prepared to climb higher. However, bullish momentum began to weaken even as the price attempted to push higher- a sign of weakness. In the next few hours, BTC also dropped from $45.4k to $43k.
As highlighted on the charts, the price was treading water above the $1.84 level, a short-term support level. In the past two weeks, it has spent some time trading within a range (yellow) from $1.49 to $1.74. Therefore, the range highs and the highs registered on the charts just before a true breakout from the range, at $1.75 and $1.73, was an area that could act as support should the price drop below $1.82.
At the time of writing, the near-term market structure was bearish- the highs at $2 were not broken while the previous higher low at $1.88 has seen a session close beneath it. The path forward could be further lower in search of demand.
Rationale
Source: MATIC/USDT on TradingView
The price tested $2 just a couple of days apart but in the same time period, the RSI showed a decline on the hourly chart. This meant that bullish momentum was weakening, although the price pushed higher. This bearish divergence was followed by a dive toward $1.82. The 21 SMA (orange) also formed a bearish crossover with the 55 SMA (green).
The Cumulative Delta Volume showed that, since late January, demand has been steady behind MATIC. This showed that the price rally was genuine, and pullbacks in the next few days are likely to be buying opportunities.
Conclusion
Demand has been seen behind the price’s rally, and some short-term support levels at $1.82, $1.73, and $1.61 (mid-point of the range) were identified. Market structure has flipped from bullish to bearish in the short term, which meant that some caution has to be exercised when buying the dip at the aforementioned levels. A move by Bitcoin below $43k could drag the altcoin market lower.

Polygon (MATIC) price looks exhausted after rallying 60% from the January lows. The price bounced back after testing the lows on January 24 since then, MATIC has been in the continuous upside momentum and is now slamming at the upper trend line of the downside channel.

Polygon price trades lower on Thursday inside the downward channel.
The price face short-term resistance at $2.10, expect more downside below this level.
A decisive close above the mentioned level could reverse the current trend.

As of printing, MATIC/USD is trading at $1.98, down 3.38% for the day. The current market cap of polygon stands at $14,875,151,119 as per the CoinMarketCap.
MATIC price took a breather at the current level
On the daily chart, Polygon (MATIC) price consolidated near the $1.50 demand zone, which has been utilized by the investors to engage in the current leg up. MATIC has depreciated nearly 55% from the highs made in November at $2.92.
Source: Trading view
MATIC has been trading in the downtrend channel with the lower high and lower low formation. Bulls have been rejected three times near the upper trend line of the mentioned channel. Investors loose their patience every time approached the higher levels and pulled their funds to book profits.
The price has been struggling below the 50-day SMA (Simple Moving Average) at $2.07.
Looking at the previous price action there is a higher probability that MATIC would take a U-turn from the current level and would retreat toward the $1.50 significant level.
A breakthrough of this foothold would invite more sellers toward the $1.20 level. This would be the continuation of the lower high and lower low formation, a classic downside pattern.
On the flip side, the Bulls engaged in continuous efforts to push above the bearish sloping line. An acceptance above the 50-day SMA would bring the buyers back into the limelight with the first upside target of $2.20.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 50 with a bearish bias.
MACD: The Moving Average Convergence Divergence (MACD) still trades below the midline.

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Polygon (MATIC) price has shown remarkable recovery after a few weeks of consolidation. The price surged nearly 60% from the January lows. Today is not an exception but investors face some upside pressure near the crucial $2.0 level.
As of press time, MATIC/USD is trading at $2.01, up 3.85% for the day. Polygon records a drop in volume at $1.4 billion with the current market cap of $15 billion as per the CoinmarketCap.

Polygon (MATIC) books gains on Wednesday.
The price struggles below 50 SMA at $2.09.
The momentum oscillator favors the current upside momentum.

MATIC faces a decisive point on the daily chart
Polygon (MATIC) has been rising from the lows of $1.46, which also happens to be the double support for the price. This level was first tested by the bulls in November after retracting more than 30% from October’s high. Investors enters into a short-term upside momentum and touched all-time highs at $2.92 on December 27.
Source: Trading view
However, MATIC has lost 55% in total volumes and once again tested the supply zone near $1.46.  Now, the descending trend line from the mentioned high level is acting as a strong barrier for the pair.
Furthermore, the price is already struggling below the 50-SMA that is exerting selling pressure on MATIC. Bulls need to decisively pierce the bearish slopping line to continue with the current bullish bias.
The Daily Relative Strength Index (RSI) trades at 57, which signals at the underlying bullish sentiment. Any uptick in the momentum indicator could push MATIC towards the horizontal resistance line at $2.20 followed by the $2.40 psychological level.
On the flip side, a failure to hold the session’s low level would invalidate the bullish theory and will result in the meeting the lows made on Monday at $1.69.

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The instant multi-currency exchange platform LetsExchange has enabled crypto traders and investors to swap around 350 coins and tokens for MATIC using multiple networks.

As part of the platform’s recent update, LetsExchange ensured the support of additional networks and cryptocurrencies available for instant exchange without registration and KYC. The MATIC token is now available on LetsExchange on its native Polygon PoS chain as well as in the Ethereum network and on Binance Smart Chain. Users can choose any of these networks to both send and receive their tokens.

This advancement makes it easier for millions of Polygon supporters around the world to purchase MATIC with other cryptocurrencies securely and privately, without disclosing their personal information. With around 350 coins and tokens listed on LetsExchange, every crypto user has an opportunity to invest in MATIC using this exchange platform and join Polygon’s ever-expanding community.

By providing cost- and energy-efficient Ethereum scaling solutions, Polygon has built a massive ecosystem for DeFi projects to thrive on the platform’s high transaction speed and low fees. With its support of the Polygon chain, LetsExchange paves the way for the addition of the Polygon ecosystem tokens to this exchange in the near future. 

About Polygon 

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.

Website | Twitter | Ecosystem Twitter | Developer Twitter | Enterprise Twitter | Studios Twitter | Telegram | Reddit | Discord | Instagram | Facebook | LinkedIn

About LetsExchange

LetsExchange.io is an instant multi-currency exchange service free of registration, limits, and complications. With hassle-free access, a user-friendly interface, and fast automated transactions, LetsExchange saves users’ time and money at each step of the exchange process. With a set of ready-made B2B solutions, LetsExchange has built a global ecosystem for seamless and effortless crypto swaps accessible through multiple platforms such as crypto wallets, exchange aggregators, media outlets, and others.

Website | Blog | Twitter | Telegram | Facebook | LinkedIn | Reddit | Instagram

Polygon (MATIC) price fails to capitalize on the previous day’s gains. The price shoots up 10% in a single day after weeks-long consolidation on Monday. Investors accumulate around $1.45 of a strong support level.
As of press time, MATIC/USD is trading at $1.91 with more than 5% losses. The total 24-hour trading volume stands at $2,599,056,185 gaining more than 170%.
Polygon (MATIC) Price Under Pressure Near 50 DMA
On the daily chart, Polygon (MATIC) price has taken the support near the previous supply zone near $1.45. Earlier, the polygon has lost from the December 27 highs of $2.95.
Source: Trading view
The MATIC price rallied from the lows made on January 24 lows of $1.30. The descending trend line from the mentioned high level acts as a strong barrier for the bulls, thus limiting the gains for the Polygon.
The volumes have been on the decline since the fall in the price beginning as indicated by the On Balance Volume (OBV) indicator.
The Daily Relative Strength Index (RSI) reads at 52 showing a sudden downtick in the indicator. The bearish momentum in the price drove the momentum indicator towards the lower level.
If the price descends below the session’s low then the immediate downside target is placed at $1.50.
Alternatively, a decisive close above the bearish slopping line, which also coincides with the break of the 50-DMA could result in the reversal of the current trend. Investors could test the $2.50 horizontal resistance level.
As per the latest news, Polygon has raised $450 million in a funding round led by Sequoia Capital India. The news provides some fundamental thrust to the MATIC price.

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Polygon has fetched $450M in a recent funding round led by venture capitalist Sequoia Capital India.
With the financial uplift, the network plans to upgrade its ZK scaling technology, and improve its Web 3.0 capabilities.

To fulfill its Ethereum scaling and Web 3.0 ambitions, Polygon (MATIC) has now raised a whopping $450 million funding. The Monday round was led by venture capitalist Sequoia Capital India. More than 40 institutions were in involved, including Republic Capital, Dragonfly Capital, Animoca Brands, Steadview Capital, Galaxy Digital,  Tiger Global, Vision Fund 2, and SoftBank, to mention a few. The latest round now pumps up the network’s valuation to the tune of $2 billion.
In a statement following the round, Polygon says it plans to use the funds to expand its coverage. Since it solves scalability issues on Ethereum, the platform will work to further reduce the need for blockchain and crypto users to resort to other blockchains. 
Polygon $450M funding for scalability and Web 3.0
As for Web 3.0, the multichain protocol intends to develop decentralized applications (DApps) for the decentralized internet. It also looks forward to building upon its Web 3.0 scaling solutions. Among them are Polygon Avail, Polygon Edge, and Polygon PoS. These solutions are synonymous with Amazon Web Services (AWS) offerings to Web 2.0 developers.
Polygon has hugely embedded, promoted, and profited from zero-knowledge (ZK) rollups. The technology allows the network to execute multiple transactions, after which it converts them to a single transaction. Polygon will spare some of the funds acquired to further develop ZK technologies. The move, it hopes, will work towards onboarding the next billion users on the Ethereum network.
Sandeep Nailwal, a Polygon co-founder, had the following to say of the development:
Web3 builds on the early internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution. The technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.
Meanwhile, a spokesperson from Sequoia India said the firm chose to back Polygon due to the value it brings to the Ethereum ecosystem. 
“This is an ambitious and aggressive team, one that values innovation at its core,” he added.
MATIC growth
MATIC, the native token to the Indian-native network, saw its popularity skyrocket last year despite volatile market conditions. Other leading crypto assets such as Bitcoin, Ethereum, and XRP suffered major dips in June 2021. Meanwhile, MATIC rose 35 percent over the same period, ranking among the top 15 cryptocurrencies. Its demand also rose, especially among Indians, leading firms such as CMC Markets to list the digital asset on their platforms.
MATIC now trades at $1.97 having risen nearly 10 percent in the past 24 hours.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Bitcoin broke past multiple levels of resistance in the past few days and was trading above $45k at the time of writing. This has seen many coins across the altcoin space post sizable gains, including MATIC. In other news, Polygon raised $450m of capital by the private sale of its token MATIC in a round led by Sequoia Capital India, with each token priced at $2 at the time of sale.
Source: MATIC/USDT on TradingView
Over the past couple of weeks, the price appeared to form a range (yellow) between $1.495 and $1.75. In the past few days, the price tried twice to break past the range highs. In doing so, MATIC laid a marker at the $1.758 level- the break of this level followed by its retest as support indicated a successful bullish breakout for MATIC.
Since then, the price has rocketed to the $2 level of round-number resistance. In the past month, the $1.9-$2.05 area has acted as support before it was flipped to resistance when Bitcoin fell below the $39k level. Recent days have seen a bullish Bitcoin, although it now faces resistance at the $46k area.
It was a strong bullish development for MATIC as it climbed above the $1.92 level. In the coming hours/days, a retest of this area as support appeared to be a buying opportunity. There was also some support at the $1.84 level.
However, while Bitcoin has had strong demand in recent days, it was also possible that it could dip back to the $42k area or even $39k area in search of buyers. This could see a large pullback on altcoins.
Rationale
Source: MATIC/USDT on TradingView
The RSI formed a bearish divergence on the hourly with the price at $2.07 and MATIC has seen some selling pressure in the hours since. The RSI continued to remain above neutral 50, while the market structure also remained bullish.
A session close back below $1.75 would break this structure. This could be an unlikely outcome- the CDV showed strong buying volume in the past couple of days.
Conclusion
The demand behind MATIC’s recent rise indicated that, so long as MATIC can stay above $1.75, it would have a chance of breaking above the $2.05 resistance. Bitcoin was bullish but it was unclear whether bulls can force further gains, or whether considerable profit taking can push BTC back to the $42k or $39k areas.