- Polygon price analysis is bullish for today.
- MATIC/USD saw further gains overnight.
- The support found above $1.20.
Polygon price analysis: General price overview
The Polygon price analysis is good for today, as the market continued to fall yet again, this time returning from $1.1 to $1.2 in MATIC/USD.
The price of MATIC is still fluctuating around $1.20, which was tested but held yesterday.
In the nearest term, our view is supported by the fact that Uphold support service added Matic blockchain to their infrastructure, meaning one of the most popular wallets in the Crypto sphere got another reason to make this cryptocurrency known.
Latest news like this should contribute to MATIC/USD gaining traction and recovering major support at $0.60, while it’s likely that after this rebound, the market sentiment will remain positive for some time.
Dropping to $1.20 support on Wednesday, MATIC/USD bounced to $1.22 and then down again to $1.2 in a sharp drop that could’ve been used for opening short positions. However, after that, the market price started rising strongly up to the $1.26 level, which was reached this morning.
As a result of today’s MATIC/USD analysis, our forecast is optimistic for both long-term and medium-term traders as well as for investors who are willing to invest in this promising blockchain.
Polygon price movement in the last 24 hours: Polygon retraces to $1.20 support
MATIC/USD traded in a range of $1.19 – $1.244, indicating substantial volatility over the last 24 hours. The trading volume has increased by 8.46 percent and totals $1.19 billion, while the total market capitalization trades around $7.65 billion, ranking the coin in 21st place overall.
MATIC/USD 4-hour chart: Bullish signals
On the 4-hour chart, Polygon’s price is resuming its trek toward the $1.40 previous major support level.
MATIC/USD 4-hour chart. Source: TradingView
The price of Polygon has been in the red for several weeks. An equal-sized retracement followed on September 7th, after a solid start on September at $1.35.
Despite being in the red for weeks now, the overall sentiment remains bullish on MATIC/USD. After a slight sell-off, the market recovered to $1.23 – a re-test of the support point found at $1.20.
The verdict is positive for MATIC/USD as the cryptocurrency shows vital signs over the last three weeks after a gloomy period. Our MATIC price prediction for the end of 2018 remains bullish, with a support point at $1.20 and a resistance point at $1.40.
Polygon Price Analysis: Conclusion
The daily chart also shows a recovery: The RSI indicator had declined, suggesting that the price would soon recover. Once again, prices will rise and might be expected to find support at $1.250, if not higher, due to the presence of bullish signals on the at-the-time mentioned 4-hour chart. On August 31st, the RSI indicator signaled a bullish sentiment for MATIC.
As per our Polygon analysis, yes, for now. As long as the market has not reached its bottom and no significant negative news was reported, it’s safe to assume that this asset may keep rising until September ends.
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.