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Polygon price analysis: MATIC/USD to break above the intraday highs of $1.4

TL;DR Breakdown

  • Polygon price analysis is bearish today.
  • MATIC briefly hiked to $1.4 this morning.
  • Polygon is currently trading at $1.3.

Polygon price analysis: General price overview

Polygon is bearish today, as after a brief surge to $1.4 early this afternoon, rejection was observed. As a result, we anticipate MATIC/USD to retreat some of its gains and look for a fresh low next.

MATIC/USD spiked today to a high of $1.4 before being rejected with the rest of the market.

There is very little demand below $0.90. Only a break below here will predicate further bearish momentum from which we can then look for an assessment on this month’s low.  With that said, sellers have been exploiting this price level throughout the week and should be wary of establishing any longs following rejection at support.

We can backtrack some gains into our first TP at $0.90. However, any long trades taken around this region must use tight stops as there is potential for continued downside pressure after price rejection.

The monthly chart illustrates stalling of the ascending channel and bearish divergence/pressure on RSI.  Although we can validate some bearish momentum from here, there is little evidence to justify a decline below our first TP at $0.90.

The daily trend for MATIC/USD is bullish today. MATIC briefly spiked to $1.44 this morning before being rejected towards a support level at $1.20. We anticipate a break under here will set bear targets in line with most other cryptocurrencies markets which have been volatile throughout October, following relatively stagnant trading last month.

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 substantial 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?

MATIC/USD 4-hour chart. Source: TradingView

The price of a Polygon has been rising lately, with bullish momentum gradually regaining strength. After ending the month at $1.05 on September 30, the market made a substantial advance the next day.

The MACD is currently oversold, suggesting a bearish price movement. Here, we may look at how the overall market has been performing since the end of April. We see that there’s room for growth from here as long as sells continue to outweigh buys by a substantial amount – something we didn’t expect to happen until early May based on our previous expectations. The time frame for this scenario varies greatly depending on how quickly sellers can be brought back in line with buyers following a significant price move up or down.

Polygon Price Analysis: Conclusion

The overall market for Polygon has been bullish lately. We expect prices to continue higher over the next week, but there is little room for error with prices reaching above $1.90 today, something we do not expect based on our previous analysis.  A close below $0.90 will predicate further declines into supports at $0.78 and $0.50, respectively, providing scope for initial tests of this latter level in the days ahead.

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 10, 2021 3:59 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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