Crypto buyers are disillusioned after what looked like a gradual recovery went haywire this week. This time, a renowned crypto exchange FTX went south in a liquidity crunch. Although this scenario is not new, the fact that it touches an exchange that was touted as sound remains a concern. Investors have reacted by liquidating positions, which has resulted in a bloody market week. But Polygon (MATIC/USD) could be one of those still displaying resilience.
While most tokens have lost by double digits in a week, MATIC is down just a single percentage point. It is not a coincidence, as MATIC has been performing well lately, driven by strong fundamentals. The latest ones include collaboration with Meta Platforms and JPMorgan. Polygon is also readying for a tour across India as part of its global growth. The tour will see the company meet the next-gen developers and creators. Seven Guild events will be covered, and 50 college campuses.
Investors searching for a relief token to buy in the bear market should pay attention to MATIC. The technical outlook also shows why MATIC could remain resilient.
MATIC initiates recovery at a support zone
Source – TradingView
Following the FTX-inspired crash, MATIC retreated to test the long-term support zone at $0.77. The level was a breakout zone, meaning any possible recovery could start here.
The token initiated a recovery and tested the resistance at $1.0. The price has retreated slightly. The RSI shows a reading of 49, slightly below the midpoint, although the indicator signals a recovery.
Should you buy MATIC now?
Polygon’s token is showing resilience as other cryptocurrencies proceed lower. The strength underlines MATIC as a good buy cryptocurrency.
Nonetheless, with the bear market still on, we need further confirmation before buying MATIC. Bullish price action signals around $0.77 or a break above $1 could welcome buyers.
If the bear market continues to grip MATIC, breaking below $0.77, the next support will be $0.58. We should watch the prevailing sentiment and price action to find an appropriate buying time for MATIC.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Buy MATIC with eToro today
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Buy MATIC with Bitstamp today
The post Cryptocurrencies are soiling, but Polygon’s MATIC could defy bears – a technical outlook appeared first on CoinJournal.
