- Polygon price analysis is bullish today.
- MATIC/USD is currently trading at $1.27.
- Bulls are ready to push higher.
Polygon’s price is rising today, as a higher low was set at the $1.25 support yesterday, with bullish momentum taking over since. As a result, we anticipate MATIC/USD to rise even further in the next 24 hours.
Polygon price movement in the last 24 hours: Polygon finds support at $1.25
MATIC/USD traded in a range of $1.24 -$1.34, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.27 percent and totals $768 billion, while the total market cap trades around $8.8 billion, ranking the coin in 21st place overall.
Polygon is marginally down today, following a recent bullish trend. MATIC/USD found support at $1.24, and support was further strengthened by the previous low of $1.28 on July 2nd. A higher low has been set, and bulls are pushing for higher prices in the next 24 hours, with resistance found at $1.34.
A dip below $1.25 will most likely see MATIC/USD fall to the next support level around $0.97, while a breakout above $1.34 will weaken this support and carry MATIC/USD towards resistance levels of $2 and beyond.
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MATIC/USD 4-hour chart: MATIC price action found support above $1.25
On the 4-hour chart, bulls are once again pushing the Polygon price action higher, indicating that we may see additional higher highs today. The bulls are in control and look to make gains across the market.
The Polygon price entered into a short-range yesterday after correcting lower from $1.40, with trading volume picking up significantly on the dips. A higher low has been set at $1.25, with bulls now looking to push prices higher.
The next resistance area lies around the 23 percent retracement of the last drop from $1.40 to $0.98 at around $1.34, but this could be weak if the market sentiment turns bullish once again later today, as indicated by the Polygon 4-hour RSI indicator.
The next support area lies at $1.08, which has been a price to watch for the last couple of days, with the 100 and 200 moving averages acting as further support in this area.
MATIC/USD 4-hour chart. Source: TradingView
This month’s price chart for Polygon shows a resumption of bullish momentum. A new major swing low was established after trading in an increasingly narrower consolidation range at the end of September, culminating with the $1.05 support.
On the 1st of October, the market continued to rise with further bullish momentum. The previous swing high of $1.25 was swiftly achieved and then broken through after a certain amount of hesitation.
A fast spike higher on the 2nd of October sent the Polygon price to a fresh multi-week high of $1.36. The retest of the $1.25 mark as support followed, with further selling rebuffed, suggesting that bulls would continue climbing.
Polygon Price Analysis: Conclusion
The market is showing signs of exhaustion, with a failure to hold the previous day’s highs. A new higher low was established above $1.25, and the market has advanced since then, indicating that it may be time for bulls to retake control. We anticipate that they will push MATIC/USD higher in the next 24 hours.
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