- Polygon price analysis shows bullish momentum
- MATIC/USD recorded declines yesterday
- Support keeps shifting
The market has fallen yet again, this time to $1.00, and bears have entered the bull territory with subsequent bullish reaction indications. As a result, we anticipate MATIC/USD to rise higher later today and resume its advance above the $0.60 previous major support level.
Over the previous 24 hours, the cryptocurrency market fluctuated in a modest range as bullish momentum picks up once again today. Bitcoin, the market leader, is flat for now with a decrease of 0.02 percent and Ethereum is down by 1.52 percent.
MATIC/USD traded in a range of $1.02 – $1.16, indicating strong volatility over the last 24 hours.
The trading volume has increased by 8.46 percent and now totals $1.19 billion, putting the coin in 21st place globally.
MATIC/USD 4-hour chart: MATIC look to return above $0.60?
On the hourly chart, we see Polygon price action making a push back toward the $0.60 previous major support.
Polygon action has been quiet for the past few weeks. After an incredible jump to $1.35 at the start of September, a comparable retrenchment occurred on September 7th.
Following its breakout above $0.60, the MACD and RSI both found support at this level for about a week before trading sideways around the support for several weeks. The $0.80 resistance was established later on as a result of Polygon’s fall last week. On Monday, MATIC broke down further.
The price of MATIC has fallen since this morning’s open, bringing the total decline in 24 hours to around $3. The MACD is still in bearish territory, which appears to be suggesting a sell-off. On the upside, support now stands at $0.60 and we are expecting a bounce-back over the next 24 hours.
Polygon Price Analysis: Conclusion
On the other hand, today’s price analysis for Polygon is positive, with another minor drop in the market observed. With support found above $0.50, further depreciation was avoided, implying that MATIC/USD will rise and perhaps even return to breach the $0.60 historic barrier.
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