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Polygon Price Analysis: MATIC spikes above $1.35 previous high, slow reversal to follow?

TL;DR Breakdown

  • Polygon price analysis is bearish today.
  • MATIC/USD spiked to $1.44 today.
  • Further upside rejected.

Polygon price analysis is bearish today as rejection was seen after a brief spike to $1.44 earlier today. Therefore, we expect MATIC/USD to retrace some of the gain and look to set a higher low next.

Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, gained 1.63 percent, while Ethereum was up by 0.93 percent. Meanwhile, Shiba Inu (SHIB) is the worst performer, with a loss of 26 percent after a strong push higher earlier this week.

Polygon price movement in the last 24 hours: Polygon spikes above $1.35 previous high

MATIC/USD traded in a range of $1.26 – $1.44, indicating strong volatility over the last 24 hours. Trading volume has increased by 29 percent and totals $1.164 billion, while the total market cap trades around $9.25 billion, ranking the coin in 21st place overall.

MATIC/USD 4-hour chart: MATIC set to retrace?

On the 4-hour chart, we can see the Polygon price experiencing heavy rejection after a spike higher, indicating an upcoming retracement over the weekend.

MATIC/USD 4-hour chart. Source: TradingView

Polygon price action has seen bullish momentum return so far this month. After a consolidation above $1.05 at the end of September, a strong advance was seen on the 1st of October.

Over the following days, MATIC/USD established resistance around $1.35. From there, a slow retracement was seen this week, with a swing low of $1.20 established on Wednesday.

Since then, Polygon price saw consolidation in an increasingly tighter range until a quick spike higher was seen today. MATIC/USD peaked at $1.44 as strong selling pressure resumed.

Polygon Price Analysis: Conclusion

Polygon price analysis is bearish today as a rapid advance was met with heavy selling pressure over the past hours. Therefore, we expect MATIC/USD to retrace over the next 24 hours and establish a higher low.

While waiting for Polygon to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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 8, 2021 1:46 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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