- The Polygon price analysis shows upwards movement.
- Resistance for MATIC is found at $1.68.
- Support is present at $1.54.
The latest Polygon price analysis shows the cryptocurrency trends are going in the bullish direction for today. The price of MATIC/USD is going up as it has now touched $1.62. The short-term trending line is going towards the ascending direction as well as the bulls have been at the leading position throughout the day. The bulls might take the price even further to retest the $1.74 resistance.
MATIC/USD 1-day price chart: Price recover up to $1.62
The one-day Polygon price analysis chart shows an increase in price after the bulls took over the market earlier this day. The past few days have brought positive news for the bulls, and the trend has been unchanging for today as well. The price has moved up to the $1.62 level after the bulls made a comeback today. The momentum is building up at a rather high pace, and the moving average (MA) value is at $1.53 below the price level, complementing the bullish momentum.
The volatility is increasing, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $1.70 while the lower band is at $1.13. The Relative Strength Index (RSI) score has followed upward movement as well and has finally reached index 63 near the overbought zone.
Polygon price analysis: Latest developments and further technical indications
The latest Polygon price analysis shows that the price has improved today, but selling pressure has come into play as the price has been going downwards at a rapid speed for the last four hours. But the trending line has been towards the bullish side since the past week, and it is still moving in the same direction. The recent loss has canceled out the gain of the preceding four hours as the MATIC/USD price is now at $1.62, coming down from $1.66. As the overall uptrend of today has been of quite an impact, the price has maintained above the moving average as well, which is at $1.60.
The Bollinger Bands Indicator is also at an average of $1.60, whereas its upper value has gone to $1.68 and its lower value to $1.48. The RSI score is also going down on the 4-hour chart and is on a downslope present at index 58 at the time of writing.
The technical indicators for Polygon are also showing us bullish signs as the overall trend for the day has been towards the buying side. There are 10 indicators standing on the neutral spot, with 15 on the buying and only one on the selling spots.
The moving averages indicators are also exhibiting similar results, as there are a total of 14 indicators settled at the buying position, with zero at the selling and one at the neutral positions. The Oscillators are neutral, with nine oscillators standing neutral and one each situated at the buying and the selling area.
Polygon price analysis: conclusion
From the given Polygon price analysis for one day and four hours, it can be inferred that the cryptocurrency is overall in a good position if compared to the start of the month. MATIC/USD is expected to follow more upside in the coming days and for intraday trading; despite currently the price going down, we still expect the price to float above $1.60.
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