logo

Polygon Price Analysis: MATIC aims for $1.50 after a week of bearishness

Avalanche price analysis

TL;DR Breakdown

  • 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. 

Polygon Price Analysis: MATIC aims for $1.50 after a week of bearishness 1Source: Tradingview

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. 

While waiting for Polygon to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Avalanche price analysis: AVAX continues to move upwards with $35 target
How to Stake on Uniswap: A Quick Guide to Passive Income
Aave price analysis: AAVE increases value by 3.5% after strong bullish movement
Ethereum price analysis: ETH wobbles near $1,700 as bulls desperate to touch $1,800
Bitcoin, Binance Coin, Tron, and FTX Token Daily Price Analyses – 7 August Morning Price Prediction

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund