Polygon: Should you or shouldn’t you hold MATIC in a bear market

ambcrypto.com:

One can wonder if rags to riches could be MATIC’s story. The token which barely had a value of $0.09887 in February 2021 reached an all-time high (ATH) of $2.92 in December 2021. At press time, however, it was changing wallets at $1.45, down by 4.59% over the last day. With that, a section of the market has continued to question if MATIC should be a part of your portfolio in a bear market.

All of Polygon’s announcements and development have had a predictable effect on MATIC. The token that began its victory journey early last year has not had a very bullish ride on the macro-lens.

It has struggled to maintain its sell-and-buy pressure. Investors who bought MATIC in December 2021 out of FOMO might find themselves looking at price charts constantly in anticipation of an upcoming spike.

Well, after the major sell-off on 24 February, the token has been somewhat consolidating on the price chart. The bulls exerted pressure towards the end week of February 2022, following which the price went only to a high of $1.732 on 7 April. Now, due to the lack of demand, the token slid down to $1.42 on 9 April (Press time).

At this point, if the sell-side pressure continues to dominate, MATIC might form a lower low to meet its near-term floor at $1.251. However, the arrival of demand would see MATIC go up to test $2.035. Furthermore, turning this level to support will give the token an edge. But the journey from its two-month-long resistance to its ATH wouldn’t be a child’s play. MATIC will have to bring in enough volume to sustain a rally.

Technical indicators seem to be putting forward a clearer picture. In 2022 so far, RSI has mainly been resting below the 50% level. Although on 28 March, it reached a 61-mark. On the whole, RSI has been