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Polygon Price Analysis: MATIC still holding support at $1.25

TL;DR Breakdown

  • 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

Read some of our articles on Ethereum Classic, blockchain gaming, and the Metaverse as you wait for Cardano to record a positive gain.

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.

This post was last modified on October 7, 2021 4:31 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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