Polygon (MATIC/USD) becomes bullish. When to buy the token?

    • Polygon has onboarded Indian retailer Flipkart for Web3 expansion

    • The native token has hit a resistance

    • A breakout is on the horizon if buyers continue to push the price higher

    Polygon (MATIC/USD) bulls have successfully defended $0.77 against the bear insurgence. The token initiated a recovery at the crucial support zone and traded at $0.91 as of press time. MATIC must overcome a minor resistance of $0.96 to see further gains.

    Once again, MATIC price is showing resilience amid growing adoption. On December 2, India’s leading e-commerce entity Flipkart announced a collaboration with Polygon. The collaboration will see Polygon help deploy a blockchain-based e-commerce platform for the retailer. The firms will also collaborate on research on other use cases of blockchain, Web3, and the metaverse.

    Despite MATIC falling by 2% on the day after hitting resistance, the partnership is a validation of the Layer-2 solution. Already, Polygon is attracting interest from firms seeking entry into Web3, notably Reddit and Starbucks. Should the latest development attract buyers, MATIC could find levels above $1 next.

    MATIC hits resistance in a bullish surge

    MATIC/USD Chart by TradingView

    Technically, MATIC trades slightly below a crucial resistance. A price recovery above the $0.77 support saw the RSI move above the midpoint. It suggests the entry of buyers at the crucial support zone.

    Similarly, the MACD indicator shows that momentum is improving for MATIC. A bullish MACD crossover was initiated, although the indicator remains below the neutral zone.

    Should you buy MATIC?

    Buying MATIC now is premature as the cryptocurrency trades below a resistance level. We need a break above $0.96 to buy the token. Should a breakout occur at the resistance, MATIC could rise to $1.3. The level around $1.05 could offer some minor resistance for the cryptocurrency.

    Conversely, if bears win the contest at the resistance, the support at $0.77 will be in sight. The level could also attract buyers based on the prevailing sentiment and price action. Investors should watch either price movement for a chance to buy 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.

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