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Polygon price analysis: Polygon tests $1.3, prepares to spike higher?

Polygon price analysis

TL;DR Breakdown

  • MATIC traded sideways overnight.
  • Support established around $1.30.
  • Next resistance at $1,70

Polygon price analysis is bullish for today as the market has established a higher low at $1.30 and currently rejects further downside. Therefore, we expect MATIC/USD to move towards the next price target at $2 over the next week.

Polygon price analysis: Polygon tests $1.3, prepares to spike higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades slightly in the green over the last 24 hours as bulls have regained some control over the past hours. Bitcoin remains flat with a small loss of 0.4 percent, while Ethereum is up by 1.9 percent. Matic is among the best performers with a gain of almost 7 percent.

Polygon price movement in the last 24 hours

MATIC/USD traded in a range of $1.31 – $1.43, indicating a good amount of volatility. Trading volume has increased by 18.8 percent and totals $1.2 billion. Meanwhile, the total market cap trades around $8.88 billion, ranking the cryptocurrency in 17th place overall.

MATIC/USD 4-hour chart – MATIC retraces to $1.30

On the 4-hour chart, we can see the Polygon price action starting to reverse to the upside.

Polygon price analysis: Polygon tests $1.3, prepares to spike higher?
MATIC/USD 4-hour chart. Source: TradingView

The overall market price action is still bearish over the past weeks as a retracement of over 50 percent was seen over the past weeks from the previous high of $2.40. Support was established around $1.20 earlier this week, indicating that we could see a reversal forming.

What followed was a rally to the $1.70 mark, which further indicated that bulls are looking to regain control. From there, a several-day retracement resulted in support found at the $1.30 mark. 

Since a higher low was set, we can expect MATIC/USD to start heading higher next week, with the $2 mark as the next resistance target. Once the target is reached, the overall Polygon price action structure would turn very bullish again.

Polygon Price Analysis: Conclusion 

Polygon price analysis is bullish as the market has retraced over the past few days and found support at the $1.30 mark. Therefore, we expect MATIC/USD to start pushing higher early next week to reach the next price target at $2.

While waiting for MATIC to move higher, read our guide on Chinese miners, staking Cardano, and cashing out Bitcoin.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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