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Polygon Price Analysis: Can MATIC/USD break the newly set $2.17 resistance soon?

polygon price analysis

TL;DR Breakdown

  • Today, our Polygon price analysis is bearish.
  • The trading volume has reduced by 13.83 as compared with yesterday.
  • Breaking the $2.217 resistance level will require huge momentum.

After facing some resistance at $2.17 yesterday, Polygon price analysis has taken a bearish turn today, dipping to $1.9859. It looks like the price will further fall in the remaining part of the day. Let’s take a deep look at what the indicators suggest.

Polygon Price Analysis: Can MATIC/USD break the newly set $2.17 resistance soon? 1
Cryptocurrency heat map by Coin360

First, the cryptocurrency market has an overall bullish sentiment. However, some altcoins such as DOGE is in the red zone. The same applies to Polygon.

polygon price analysis
Polygon Price Chart by TradingView

Based on our Polygon price analysis with the 1-Day price chart, it is obvious that investors are rapidly selling off their coins. While the RSI level is currently at 69.77, the line has a very steep gradient in the negative direction. This suggests that the market could become oversold very soon if the pattern continues.

Polygon 24-hour price movement

Polygon Price Analysis: Can MATIC/USD break the newly set $2.17 resistance soon? 2
Polygon Price Chart by TradingView

Polygon is trading between $2.0096 and $1.9815 over the past day. On the 1-hour price chart, the MACD indicator suggests that the resistance is currently high. However, it might slowly be reducing. Hence, the bulls can take over again in a couple of hours.

Overall, the current market cap of Polygon is $13.48 billion, based on which it is currently on the 18th spot. Other than that, the trading volume has reduced by 13.83 percent as compared with the previous day.

Polygon 4-hour price chart: MATIC/USD is expected to fall further

Polygon Price Analysis: Can MATIC/USD break the newly set $2.17 resistance soon? 3
Polygon Price Chart by TradingView

On a larger interval, Polygon has undergone a bearish engulfing after 20:00 (UTC) on the 28th of October. Currently, it is still bearish. The MACD indicator shows the possibility of a crossover and that is evident from the downward shift that the market has currently taken.

Though, the RSI level is stable at 60. Though, that too is expected to head downwards in the next interval. For now, it looks like Polygon has established resistance at $2.217. It would require a huge bullish momentum to break that.

Polygon price analysis: Conclusion

Based on the current indications, the Polygon market is bearish and the chances for recovery are currently low. In fact, the price is still falling, and the high bearish momentum is likely to pull the market further down in the next few hours.

Hence, this may not be the right time for a short-term investment. Investors will be better off waiting until MATIC/USD finds a new support level, once the bears get exhausted.

Until then, we suggest you go through our extensive guides about crypto wallets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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