- Today’s Polygon price analysis is bearish
- MATIC/USD traded in a range of $1.39 – $1.47
Today’s Polygon price analysis is bearish after the market retraced by 8.14 percent overnight. Strong support near $1.40 rejected further downsides after the coin touched an intraday low of $1.39. Therefore, we expect MATIC/USD to reverse later today as the bears seem persistent to take down the current support and build resistance around $1.42.
The overall cryptocurrency market is trading bearishly with market leaders BTC and ETH trading 1.00 and 0.48 percent down from yesterday’s price. The worst performer is C98 after losing more than 24 percent on the 24-hour chart. Litecoin and Ripple shed 0.95 percent and 1.20 percent respectively.
Polygon Price movement in the last 24 hours: Polygon continued to retrace overnight
MATIC/USD traded in a range of $1.39 – $1.47, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.96 percent and totals $6.93 billion. Meanwhile, the total market capitalization trades around $83.26 billion, resulting in a market rank of 3rd place.
MATIC/USD 4-hour chart: MATIC set to reverse?
On the 4-hour chart, we can see the Polygon Price action breaching the $1.42 resistance after it retraced from $1.50.
Polygon Price action has undergone rapid developments in the past few weeks after rallying and crossing a 2-month low. After establishing a new swing low above the $1.1 mark, MATIC/USD rallied by almost 70 percent, with the last swing high set below $1.70.
The rapid increase in market price was quickly followed by a retracement of almost 10 percent to the $1.30 previous minor resistance level, which now acts as minor support. As long as the price of Polygon continues to move upwards, it will be easy to break out of the descending channel and trace a continuation.
Alternatively, if the $1.30 support breaks, MATIC/USD should see further downside, with the next bearish target around the psychological support at $1.00. Overall, we do expect buyers to hold support and regain some of the loss later on during the weekend.
Polygon Price Analysis: Conclusion
Polygon price analysis is bearish after the coin underwent a rapid downward movement from $1.54 to $1.39. We are anticipating a retracement in the course of the day, as bulls prepare to consolidate later on.
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