Polygon’s Journey To Hit And Cross $0.85 Mark Is Proving Quite Difficult For Buyers
Like the rest of the cryptocurrencies, Polygon (MATIC) also suffered from a dip in one of the recent trading sessions.
As a result of the dip, the trading price of Polygon started to move in a downward direction. As the price of MATIC continued moving south, it was close to hitting the $0.75 per MATIC mark on August 26.
The Bulls Pushed Back at $0.75
It was feared by the market if the price of MATIC were to fall to $0.75, a selling spree may get triggered. This would lower the price of MATIC even more and continue to drag its price lower.
If the price of MATIC were to lose its ground against the bears, then MATIC could have fallen all the way down to $0.52. This could have happened with the price of MATIC in a matter of a few days.
However, the bulls pushed back by increasing their buying power. This way, the bulls were able to push the trading price of MATIC higher. They were able to push it over to a strong price compared to the support level of $0.75.
MATIC is Facing Resistance at $0.85
As the price of MATIC rebounded, it started to climb higher. The price of MATIC was able to rise all the way up to $0.80 without facing much resistance.
However, the drag from the $0.80 level has become enormous for the bulls to overcome. At the time of writing, the trading price of MATIC is worth $0.8106 and it is struggling to climb higher.
The bears are posing a great threat for MATIC as they are selling it on a large scale to pull it lower. For now, it seems that the bulls have accepted the challenge and they are also giving a tough time to the bears.
Both sides are trying to prevail over the other but the bears are not letting the bulls push MATIC up to the $0.85 level. This is currently the strong resistance level for MATIC and the bulls would have to demonstrate a strong buying power to defeat the bears.
The Bears are in Command
Despite the constant efforts of the bulls, it seems that the show is still run by the bears.
The majority of the investors seem to be leaning toward the bearish sentiments. This means that the trading price of MATIC may highly likely move into the bearish zone.
MATIC’s Fall to $0.52
If the price of MATIC fails to come further close to the $0.85 mark, it would mean that the bears will gain more strength. This would allow the bears to pull the trading price of MATIC below $0.80 and then $0.75.
If the bulls lose their strength and confidence against the bears, they will gain the opportunity to pull MATIC’s price lower to $0.52.