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 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.
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.