- Polygon price analysis is bullish today.
- MATIC/USD has retraced to $1.90 previous high.
- Further downside currently rejected.
Polygon price analysis is bullish today as we can see a new higher low forming above the $1.90 previous resistance. Therefore, we expect MATIC/USD to reverse from the support and start pushing higher again over the following days.
The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 1.29 percent, while Ethereum has gained 0.47 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of over 8 percent.
Polygon price movement in the last 24 hours: Polygon retraces to retest $1.90 as support
MATIC/USD traded in a range of $1.91 – $2.04, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 43.32 percent and totals $1.89 billion, while the total market cap trades around $13.22 billion, ranking the coin in 19th place overall.
MATIC/USD 4-hour chart: MATIC has established a higher low at $1.90?
On the 4-hour chart, we can see Polygon price action continuing to respect the $1.90 mark, likely leading to a reversal over the following days.
Polygon price action has seen strong bullish momentum over the past weeks. After an initial rally at the beginning of October, the first higher high was set around $1.35.
From there, MATIC/USD saw the $1.60 mark tested during the middle of October, with another strong push higher, taking the market to the $1.90 mark. Intense volatility followed, with quick spikes both ways until the $1.70 mark stopped further downside.
What followed over the past days was another push higher. Polygon price action quickly gained another 30 percent and set a new several-month high at $2.20. Since then, MATIC/USD has retraced to $1.90, where the next higher low likely will be established over the weekend.
Polygon Price Analysis: Conclusion
Polygon price analysis is bullish today as a higher low has likely been established above the $1.90 resistance turned support. Therefore, we expect MATIC/USD to see further upside over the next week, likely resulting in further highs above $2.20.
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