The MATIC Token Could Face A New Correction: Analysis

The MATIC token could face a new correction despite looking shaky as the technical indicators show so let’s have a closer look at our latest altcoin news today.

The MATIC token could face a new correction after soaring over the past month and it seems to be entering overbought territory. The downswing below $0.77 could trigger a new correction and Polygon looks primed for a retracement after surging in the market value in the past month so there is a huge area of support that can help the price hold.

Polygon seems to be preparing for a correction but it has yet to break in the vital support cluster. MATIC enjoyed a rally over the past month and surged by more than 200% and increased from a low of $0.32 to hit a new high of $0.98. Given the significance of the upswing, it seems that the token is in overbought territory right now. The Tom DeMark Sequential Indicator presented a new selling signal for the MATIC daily charts and the bearish formation developed as a green nine candlestick which shows one to four of the candlestick correction. The pessimistic outlook was enhanced when the current red two candlesticks started to trade below the previous red one.

MATIC is holding a huge support cluster represented by the Parabolic SAR and the 100-day moving average and 78.6% Fib retracement indicator at $0.77 so the daily candlestick close below the critical interest zone can result in a spike of downward pressure that can lead to a 22% correction to the 50-day moving average at 77 so the daily candlestick close below the critical interest zone can result in a spike of downward pressure that can lead to a 22% correction to the 50-day moving average at $0..
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58. MATIC will have to break the high of July of $0.98 to invalidate the pessimistic outlook and going through this vital resistance level could give it the power to advance to the 200-day moving average of $1.20.

As recently reported, The entertainment giant Walt Disney announced that six companies will be joining the 2022 Disney Accelerator and among them was Ethereum’s scaling solution Polygon. The business development program is created to boost the growth of innovative companies and according to the announcement, Disney will focus on emerging technology in the field of immersive experiences. This includes Metaverse and augmented reality but also artificial intelligence, nonfungible tokens, and more. Disney tapped Polygon because of its scalable properties and allows developers to build Web3 experiences.