Crypto News at Your Fingertips

Latest Developments in Polygon MATIC: Analyzing Resistance Near the 78.6% Level – Elliott Wave

MATIC Token and Polygon Network

Polygon (MATIC) Exposed: A Detailed Examination

 

Unraveling the Secrets of MATIC

Matic (Polygon) recently experienced resistance near the 78.6% Fibonacci retracement level, raising questions about its future direction. This analysis examines the possibility of a truncation, a complex wave structure, and the need for higher highs for confirmation.

Matic’s Rejection and Support Area:

Matic faced a significant rejection, particularly near the 78.6% Fibonacci retracement level at 57.7 cents. In a previous discussion, it was highlighted that the support area for Matic lies between 50 and 41 cents. To consider that Matic has indeed established a lasting low, it would require interpreting the last move down as a truncation. A truncation occurs when the fifth wave within a five-wave move doesn’t complete the correction properly and stops just above the last low.

What’s Needed for Confirmation:

For the establishment of a lasting low, several key conditions need to be met.

These conditions include:

A series of higher highs and higher lows.

Breaking above 59.9 cents and 63.5 cents.

Sustained movement beyond 78 cents.

The Challenge of Truncation:

One challenge in confirming the formation of a lasting low is that the current structure could be viewed as a truncation. A truncation can be tricky to identify, and it requires closely monitoring price movements.

Ongoing Skepticism:

It’s important to maintain a high level of skepticism regarding Matic’s price action. Even though there are signs of potential support, there’s still a lack of clear confirmation, and the possibility of a triangle formation persists. This triangle could result in another low, possibly around 41 cents.

The World of Polygon

Suggested Strategy:

A potential strategy is to use a grid bot, which is a relatively gentle approach to trading. It’s possible that a grid bot strategy could have generated profits within this trading range. However, please note that this is not financial advice, and trading involves risks.

Current Price Update:

The current price of Polygon stands at $0.588222 USD, and the 24-hour trading volume amounts to $305,721,187 USD. We provide real-time updates for the MATIC to USD price. Over the past day, Polygon has experienced a 2.78% increase. The circulating supply of MATIC coins totals 9,309,803,041, and the maximum supply is capped at 10,000,000,000 MATIC coins.

Exploring Polygon: The Complete MATIC Breakdown

A Closer Look at the DeFi Powerhouse

Finding the Right Exchange

If you’re looking for the best places to buy Polygon at its current rate, consider the top cryptocurrency exchanges that offer Polygon trading. These exchanges include Binance, CoinTiger, OKX, WEEX, and Bybit. You can explore additional exchange options by visiting our dedicated crypto exchanges page.

Binance

As one of the leading cryptocurrency exchanges globally, Binance provides a user-friendly platform for trading Polygon and various other digital assets. It offers a wide range of trading pairs and features to meet your trading needs.

CoinTiger

CoinTiger is another prominent exchange where you can access Polygon. With a focus on security and a diverse selection of cryptocurrencies, CoinTiger is a reliable choice for trading Polygon.

OKX

OKX is a well-established exchange known for its extensive range of cryptocurrencies. It offers a robust trading platform for Polygon and provides various trading options and tools for users.

WEEX

WEEX is a user-friendly exchange for those interested in Polygon trading. It aims to simplify the trading process and offers a straightforward interface for users to buy and sell Polygon and other assets.

Bybit

Bybit is a popular exchange offering advanced trading features, making it suitable for more experienced traders. It provides opportunities for trading Polygon and other cryptocurrencies.

Matic’s price action is currently at a pivotal stage, with resistance near the 78.6% Fibonacci retracement level. Confirmation of a lasting low is still pending, and the market remains uncertain. Caution is advised, and traders should be vigilant for potential developments.

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *