MATIC Rebounds A Strong 28% After Yesterday’s Plummet

• MATIC recovered a strong 28% today as the cryptocurrency rebounds from $0.685 to hit $0.822.
  
  
• Yesterday, MATIC was one of the worst-performing coins, but today is the strongest performer in the top 50.
  
  
• Against BTC, MATIC found support at 2300 SAT yesterday and has rebounded higher to 3630 SAT.
  
  

After being one of the worst performers in the top-50 yesterday, MATIC reversed today and surged by an impressive 28% to make it today’s strongest performer in the top-50. The cryptocurrency dropped lower yesterday during BTC’s drop beneath $30,000, which caused MATIC to spike beneath the 200-day MA and hit support at $0.619 (downside 1.414 Fib Extension).

By the end of the day, MATIC found support at $0.685 and rebounded higher from there today to break above $0.833.

The team behind MATIC, Polygon, recently launched their own NFT gaming studio called Polygon Studios. The studio was created to bring more development to the network and provide support and infrastructure for blockchain game builders.
In other news, large-scale projects are continuing to adopt the layer-2 scaling solution provided by Polygon. For example, last week, Balancer Protocol announced that they launched their service on the Polygon network. This integration will help to reduce transaction fees for traders quite significantly.

Coinbase Wallet announced that they integrated the Polygon Network into their mobile application service in the latest integration. This integration will allow users to use any dapp and protocols already on Polygon through the app, such as Aave.
MATIC is now ranked in the 20th position as it currently holds a $4.12 billion market cap value.

Polygon (MATIC) Coin Price Analysis


What has been going on?
Taking a look at the daily chart above, we can clearly see that MATIC has been in an extended downtrend since mid-May after it hit a high-day closing price of around $2.44. Since then, it dropped through June until support was found at about $1.05 toward the end of the month.

Unfortunately, the support at $1.05 could not hold in July and the market tanked further from there. It broke beneath $1.00 and initially found support at $0.8. However, on Monday, MATIC broke $0.8 to hit support at $0.728 (.786 Fib Retracement). It continued lower yesterday as BTC dipped beneath $30K, dragging MATIC as low as $0.619, where it found support at a downside 1.414 Fib Extension.

Luckily, the bulls regrouped by the end of the day and allowed the daily candle to close at $0.685. The bulls rebounded higher from there today to break above $0.8. If today’s candle can close beyond $0.8, it would be breaking above a long-term falling trend line that has prevented the market from making a higher high since mid-May.

MATIC Coin price short term prediction: NEUTRAL
MATIC is considered neutral right now, but a drop beneath $0.685 would turn the market bearish in the short term. To start to turn bullish, MATIC would need to rise beyond the July highs at around $1.20 and break above the 50-day MA.

Looking ahead, if the sellers push lower, the first level of support lies at $0.8. This is followed by support at $0.728 (.786 Fib Retracement), $0.685 (May support), and $0.65 (200-day MA). Beneath the 200-day MA, additional support lies at $0.619 (Downside 1.414 Fib Extension), $0.6, and $0.51 (.886 Fib Retracement).

Where Is The Resistance Toward The Upside?
On the other side, the first level of strong resistance lies at $0.94 (20-day MA). This is followed by resistance at $1.00, $1.05 (bearish .236 Fib Retracement), and $1.15 (100-day MA).
If the buyers can penetrate the 100-day MA, the first resistance lies at $1.20 (50-day MA), $1.31 (bearish .382 Fib Retracement), and $1.50 (bearish .5 Fib Retracement).