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Cryptocurrencies dipped on Tuesday in the wake of a global risk-on market decline driven by fears that the highly transmissible Delta variant of COVID-19 will derail what’s been a strong economic recovery. On Tuesday, Polygon (MATIC) slid to lows of $0.620 in a downside move that began on July 7. However, at the time of writing, MATIC was trading at $0.768, up by 15.59% on the day after a rebound from lows. Ranking 20th largest, MATIC has a present market cap of $4.91 billion and $1.0 billion in trading volume over 24 hours. Polygon studios launch as the first subdivision branch of Polygon for Blockchain Gaming & NFT ecosystem. The interest in the NFT ecosystem follows as recently, Dolce & Gabbana announced a partnership with Polygon-based digital marketplace, UNXD to launch a collection of NFT wearables called ‘Collezione Genesi’ (Genesis collection).
Key Levels
Resistance Levels: $1.50, $1.30, $1.00
Support Levels: $0.54, $0.45, $0.29
MATIC/USD Daily Chart: Ranging
MATIC/USD Daily Chart
MATIC has been retreating after it topped at the $1.70 resistance level on June 15. The price is finding support near the MA 200 at $0.65. If the support level formed around the MA 200 ($0.65) sustains, bullish traders could attempt to push MATIC/USD higher towards the MA 50 at $1.22. If the price overcomes the MA 50 barrier, immediate resistance could come from the $1.70 level ahead of the $1.98 resistance.
Breaking these lines, the $2.43 before all-time highs of $2.72. The RSI is below the 30 oversold level which suggests the possibility of a relief rally or at least a dead cat bounce in the coming sessions. However, if MATIC breaks below the MA 200 support level, a decline towards the $0.31 level could be expected.
MATIC/USD 4-Hour Chart: Ranging
MATIC/USD 4-Hour Chart
MATIC came under renewed selling pressure, falling back below the MA 50 after the pullback-off of the $1.17 level on July 7. In the 4-hour chart, the RSI suggests more decrease may be on the cards as the oscillator is heading lower into the negative territory. If sellers sink deeper, the $0.62 support could form a base for lows.
Otherwise, if buying interest picks up and surpasses the MA 50 at $0.83, early tough resistance could occur at the MA 200 at $1.06. A violation of this level may shoot the MATIC/USD pair to challenge the $1.98-$2.03 range. If advances endure these obstacles, buyers may then target the May all-time highs of $2.72. In summary, MATIC remains in a neutral to negative mode despite attempts to move higher.
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