While the cryptocurrency market is retracing, Polygon MATIC prices gained more than 3% in the past 24 hours. Bitcoin played a major role in the crypto market downfall. Its price adjustment was inevitable after such an extended rise. However, MATIC seems to continue on its path upward, eyeing an important psychological price area. Will MATIC price continue going upwards or will it retrace back like most cryptocurrencies?
Polygon MATIC Price is still on an Uptrend!
If we look at the general trend of Polygon MATIC, we can clearly see an uptrend since the beginning of the month of October 2021. Prices reversed their previous downtrend and had a first target to reach the price area of USD 1.8. The current price of MATIC is above this price, currently around USD 1.83.
Today, while most cryptocurrencies are down, MATIC is showing a strong resistance around the USD 1.8 price area.
Will MATIC Price Retrace soon?
The cryptocurrency market is already retracing, so it won’t be a huge surprise if MATIC prices also follow soon. If we plot the Fibonacci retracement, we can estimate a retracement towards the USD 1.55 price area. Of course, this all depends on different factors:
- The general crypto sentiment
- Bitcoin’s price
- MATIC’s fundamentals
Even if all the above are in place, we might still have a retracement towards the 38.2% area. In fact, this is a normal price-action behavior whenever an uptrend is happening.
Polygon MATIC Trade Setup
If you really want to buy MATIC and dip your toes in the Polygon infrastructure, we advise you to open the following trade setup:
- Entry: USD 1.8
- SL: USD 1.7
- TP: USD 2.2
However, we don’t recommend opening any position currently, especially while the entire crypto market is down.
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Rudy Fares