- Polygon price analysis is bullish today.
- MATIC/USD retested $1.25 as support.
- Bulls are ready to push higher.
The price of a Polygon is on the rise this morning, as a higher low was set at the $1.25 support yesterday, with enthusiastic momentum taking over since then. As a result, we anticipate that MATIC/USD will continue to rise in the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Polygon price movement in the last 24 hours: Polygon finds support at $1.25
The price of MATIC/USD drifted within a range of $1.24 to $1.34 over the past 24 hours, implying little volatility. Trading volume has decreased by 4.27 percent and stands at $768 billion, putting the coin in 21st place globally among its peers.
MATIC/USD 4-hour chart: MATIC looks to break higher?
On the 4-hour chart, bulls are once again pushing the Polygon price action higher, suggesting that more high peaks may be achieved today.
MATIC/USD 4-hour chart. Source: TradingView
The price of Polygon has picked up steam this month. After spending the end of September in an increasingly tight consolidation range with the $1.05 support, a new major swing low was set. What followed was more bullish momentum on October 1st. The previous swing high of $1.25 was rapidly reached and then broken through.
MATIC/USD is now the third-largest cryptocurrency in South Korea. A new price high of $1.35 was achieved on October 2nd, while yesterday buyer support at $1.25 was verified again. The result: we anticipate that MATIC will continue to rise today on October 3rd.
On the 2nd of October, another quick spike higher took the Polygon price to $1.36 new several-week high. The following retracement retested the $1.25 mark as a support, with further downside rejected, indicating that bulls will continue higher.
Polygon Price Analysis: Conclusion
The MACD line and the price action are both bearish, which suggests that the market is in a downtrend. A new higher low was established above $1.25, suggesting that Bulls are again on the prowl. As a result, we anticipate bulls to push MATIC/USD even higher in the next 24 hours, possibly establishing another