- Polygon price analysis is bearish for today
- MATIC/USD traded in a range of $1.4738 – $1.5348, indicating mild volatility
Polygon Price Analysis: General price overview
Polygon price analysis is bearish for today as the market rallied more than 25 percent on Tuesday, only to retrace by 7.3 percent overnight. However, since MATIC/USD started to consolidate, we assume bulls are exhausted, and a retracement is expected later today.
Polygon price movement in the last 24 hours: Polygon contracted bands indicate low trading activity
MATIC/USD traded in a range of $1.4738 – $1.5348, indicating mild volatility over the last 24 hours. Trading volume has increased by 15.1 percent and totals $1.02 billion, while the total market capitalization trades around $9.6 billion, ranking the coin in 17th place overall.
MATIC/USD 4-hour chart: MATIC prepares for a retracement?
On the 4-hour Polygon price analysis chart, we can see the MATIC/USD price action trading sideways overnight, indicating an upcoming retracement
Polygon price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $1.20, MATIC/USD has gained almost 100 percent to the current swing high of $1.69.
Since another 20 percent were gained yesterday. After another higher low was set on Monday MATIC started to consolidate around the $1.65 mark, indicating that bulls are currently exhausted.
This price action development should lead the Polygon price towards another retracement later today. Target to retrace to is seen at the $1.58 previous minor swing high resistance. From there, MATIC/USD should continue higher later this week.
Polygon Price Analysis: Conclusion
Polygon price analysis is bearish for today as the market set a new swing high at the $1.690 mark and started to consolidate overnight. Therefore, we expect MATIC/USD to reverse later today and retrace some of the gains seen yesterday.
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