Since the last few days, the price of Polygon (MATIC) has seen incredible buying pressure but the path ahead is still not clear. In fact, experts believe that the price of Polygon could go lower once the bullish sentiment in the Bitcoin (BTC) fades away or slows down for a while.
From September 22 to today, Polygon's (MATIC) price has increased by 18% from its low of $0.721. This stellar recovery in Polygon is a classic sign that buyers are finally back in the MATIC. And when we look at the bullish bias in Bitcoin and other major tokens, it adds more relevance to the Polygon bullish momentum.
For now, the price of Polygon is trading around the $0.836 zone and waiting for fresh momentum to make its next move. If we look at the history of volume, it seems that the $0.888 is a major zone where a lot of volumes were witnessed in the past.
Based on that data, it becomes obvious that any bullish momentum will have to face the level of $0.888. The chances of a lot of sell orders accumulating at that price level are very high - In fact, we might even see a lot of profit-takings which will push the token lower. A lot of experts are expecting a pullback in the Polygon around that area.
The chances of bulls being stopped at $0.888 are very high and when we look at the general market trend, it seems that the long-term bias is still bearish.
If the bulls are indeed stopped at the $0.888 junction, then the next stop below would be the $0.785 (support zone). And if that level is pierced by the Polygon sellers, then a retest of the $0.721 zone will become highly likely!
For now, investors will need to look at the price action of Polygon in addition to other tokens such as Bitcoin and Ethereum.