MATIC has been attempting to reclaim the momentum it gained during its previous bull run after the larger market sell-off on September 7. Lower highs did indicate a bullish trend, but purchasers were unable to keep prices above specific levels.
If another higher high is formed, the present run up from $1.20 could have favourable consequences. In the event of a closure below the 23.6 percent Fibonacci line, bulls would lose their lead. MATIC was trading at $1.38 at the time of writing, down 6.8% in the last 24 hours.
Matic Price Action
MATIC was able to rise back up the charts and break above its 50% Fibonacci barrier after forming a double bottom around $1.20. MATIC retraced to a defensive line of $1.30 and bounced back shortly after that, creating an impulsive wave.
If MATIC is able to reverse course from the 38.2 percent Fibonacci barrier and close above $1.50, a positive conclusion is still feasible. The best-case scenario would be a piercing above the 61.8 percent Fibonacci barrier. A drop back to $1.20, on the other hand, would negate this view and increase the likelihood of another low.
Matic to spike above $1.75?
Popular Analyst Altcoin Sherpa on Twitter made a bullish case for MATIC. He says, although the token is consolidating right now, huge gains are immanent in the next run. He predicts for MATIC to break above $1.75 in the next leg up.
Matic on Bitfinex soon!
In a recent tweet, Polygon announced that MATIC token is set to launch on Bitfinex soon. It has been one of the oldest and most liquid exchanges.
The company adds, Users will be able to access MATIC across all major top-tier exchanges, including Coinbase and Binance, thanks to the integration with Bitfinex.