TL;DR Breakdown
- Polygon price analysis is bullish today.
- MATIC/USD is currently trading at $1.88.
- Further downside currently rejected.
Today, the Triangle pattern is in a strong uptrend, with a new higher low forming above the $1.90 previous resistance. As a result, we expect MATIC/USD to rebound from support and rise further over the following days.
There is good buying volume at $1.90, justifying an optimistic outlook for today’s market. The 100 EMA line is currently acting as resistance for this bullish run, but if bulls can push past it, we expect them to gain more momentum and rise towards the all-time high of $2.14 in short order.
On the other hand, if bears successfully push MATIC/USD down to previous support levels of $1.65 – $1.75 or lower, this analysis will become invalidated, and markets could reenter a prolonged bearish downtrend.
For the moment, however, we expect this uptrend to continue and recommend buying MATIC/USD at market prices for positive returns over the coming days.
Bears should be wary, though; if the bulls can push past our upper bound of $2.10 today, we could see a quick reversal in price action, and it might be wise for the bulls to exit their long positions here and reenter later when there is confirmation of support levels holding.
MATIC/USD 4-hour chart: MATIC bulls exchange hands with bears
We can see Polygon price action continuing to respect the $1.90 level on the 4-hour chart, which suggests that a reversal may be around the corner.
Over the previous weeks, Polygon price action has shown considerable bullish bravado. Following an early advance at the start of October, the first higher high was established at around $1.35.
The $1.90 mark was tested during the middle of October, followed by a strong push higher, taking the market to the $2.00 level. Intense volatility ensued, with rapid rises and falls until the $1.70 barrier stopped further declines.
The price of Polygon continued to rise over the next few days. The price movement of Polygon accelerated significantly, gaining another 30 percent and establishing a fresh several-month high at $2.20. Since then, MATIC/USD has retreated to $1.90, where the next higher low is likely to be established this weekend.
Polygon Price Analysis: Conclusion
If bulls can push past today’s resistance around $2.10, this analysis will become invalidated, and markets could reenter a prolonged bearish downtrend.
For the moment, however, we expect this uptrend to continue and recommend buying MATIC/USD at market prices for positive returns over the coming days.
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.
