Is Polygon (MATIC/USD) one of the most attractive cryptocurrencies under $1?
Probably yes, given the stability it has shown amid the bear market. After an inflation-related flash crash on Thursday, MATIC is back on the road to success. At press time, MATIC had posted an 11% intraday recovery. The gains were widespread across the crypto sector. However, the token’s gains have been noticeable and are likely to continue.
Once again, Polygon is making positive headlines with the latest news. As CoinJournal reported, Polygon will power the first-ever blockchain-based enforcement portal for the Indian police force. The news is encouraging and shows that governments are slowly adopting blockchain for critical missions. The blockchain solution aims to help curb corruption and mismanagement of power grievances within the Indian police force.
With Polygon at the center of the important development, this explains why MATIC rose sharply on Friday. In a sector awash with negative sentiment, the development sparked social interest in Polygon. The cryptocurrency received increased mention on the social trading platform Stocktwits.
Also, we all know that MATIC is now part of Grayscale’s large-cap crypto fund. The addition was made about a week ago as part of the asset manager’s quarterly rebalancing. The addition increases investors’ exposure to cryptocurrencies, which increases the liquidity of the tokens. The positive development is a plus point for MATIC. But is the price bullish now?
MATIC bounces off a bullish pin bar at support
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Source – Trade View
On the technical front, MATIC formed a bullish pin bar at the $0.77 support. That was after the price dipped below levels following hot inflation numbers.
Ideally, pin bars forming at key resistance or support zones are reversal signals. They communicate a price rejection on the long wick (pin) side of the candle. Its appearance at the support suggests that bulls have successfully defended the $0.77 level.
Should we expect MATIC to go higher?
The bullish pin bar implies that a higher price for MATIC is imminent. The recent increases confirm this. Nonetheless, for a sustained rise, MATIC needs to break above a descending trend line shown on the daily chart. A consolidation could potentially follow before a breakout occurs.
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