• MATIC price inched closer to recovering $1 this month but failed to reclaim it.
  • A drawdown will invalidate the bullish signal minimizing possible profits for MATIC holders.
  • Polygon will be targeting onboarding billions of Indians by establishing a solid web3 presence in the country.

MATIC price painted some gains over the last three weeks; however, the asset is again flashing bearish signals on the chart. The broader market is not very supportive either, with the total crypto market cap still struggling to close above $1 trillion. Regardless, Polygon is pushing its expansion, setting its focus on India now.

MATIC price headed into a correction

MATIC's price blew up this month after declining through August and September, but a lot did not change. The incline was followed by red candles reducing the price by 6.86%, while on the macro scale, the altcoin remained stuck in consolidation. The $1 resistance remains solid, with the current trading price of $0.87 standing far below. 

From here on, the narrative mostly seems bearish as price indicators hint at ensuing corrections. The Moving Average Convergence Divergence (MACD) is looking at a bearish crossover over the next few days as the signal line (red) moves over the indicator line (blue). Additionally, the Parabolic SAR indicates an active downtrend with the black dots of the indicator placed above the candlesticks.

If prices fall from here on, MATIC could fall to test $0.70 or lower but will need to maintain its presence above the $0.62 support line. If this critical support is broken, panic selling could ensue, but if MATIC bounces off it, consolidation will continue.

However, if bullish cues born out of external factors push the price up, MATIC will mostly breach through the six-month-long resistance level to flip $1 into support. 

TradingView ChartMATIC/USD 1-day chart

These external bullish signals could arrive from Polygon's continued attempts at expansion.

Polygon taps India

The blockchain network announced that it intends to minimize the complexity and complicated user experience of web3 through Sequence and Onmeta's partnership. 

This will allow Indian users of games and apps built with Sequence to make web3 purchases with INR via UPI (Unified Payments Interface). Explaining the same, the announcement read,

"All transactions are denominated in fiat with USDC and include cheap transaction and gas fees. The abstraction of fees is an additional UX improvement — users do not require crypto in their wallet or need to hold tokens to pay for gas or leave the web3 game or app user interface to complete any transaction."

Since India's crypto ownership rate at 29% is far above the global average of 15%, the country holds much potential for web3 developers. And Polygon intends to be the first and most established network there.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP