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Polygon Price Analysis: MATIC/USD set to spike to $2.5 next

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • Resistance for MATIC is present at $2.13.
  • Support for MATIC is present at $2.04.

The Polygon price analysis is bullish today, as the price has continued to rise. The current bull run has been quite overwhelming; it has made high spikes and broken through important resistance at $1.92. Yesterday’s bull momentum was quite significant, as MATIC broke through the crucial resistance of $1.92 and was capped at a psychological $2 mark while swinging as high as $2.09. Today’s bulls smashed through the next opposition level at $2.04 in a rapid move, aiming for $2.13 resistance, which is also an important resistance point.

If MATIC breaks through $2.13, it could reach $2.30 resistance as the next target. The overall market sentiment is bullish, and most other currencies are also in a positive trend; this could indicate that MATIC will continue to rise in value. The support level for today is at $2.04, which was also the previous resistance point. If the bulls cannot maintain the current momentum and push the price below this level, it could drop down to $1.92 once again as support. However, this seems unlikely, and rebound is more likely to happen. Keep an eye on $2.13 as a key resistance point and watch out for breakouts above it – if they occur, MATIC could see some more significant gains.

MATIC/USD 1-day price chart: Buyers push MATIC price to $2.10

The 1-day Polygon price analysis reveals that MATIC has already established a monthly higher high by reaching $2 yesterday, which was it’s monthly high, and it is currently trading at $2.10 at the time of writing, aiming for $2.13 next. MATIC reports an increase in price value of up to 10.3 percent during the last 24 hours, as well as a significant positive value growth amounting to more than 20% over the last week.

Traders have also taken note of the recent rise in price, which is why trading volume has increased by 142.21 percent and, the market capitalization has expanded by 9.93 percent overnight.

MATIC/USD four hour chart: Bulls dominate the market

The 4-hour Polygon chart shows that the coin lost value over the previous eight hours of trading yesterday, then retraced a significant portion during this time. But today, it began to climb again, regaining part of its decline throughout the first four hours of today’s session, and it is continuing to rise.

MATIC/USD 4-hours price chart. Source: TradingView

The volatility is significant on the 4-hour time frame, th evidenced by the volatility indicator. The Bollinger bands have hit the $2.13 mark, which indicates resistance for MATIC, and the band has reached $1.56. The average line of the indicator at $1.84 marks support for MATIC. According to the 4-hour chart, MATIC is overbought since the RSI has entered into an overbought condition and is currently trading at index 73 while maintaining its upward slope.

Polygon Price Analysis: Conclusion

According to our forecasts, MATIC will continue to rise today, and the resistance at $2.13 appears to have been overcome already. If the price of MATIC reaches this barrier, bulls will aim for $2.20, which is plausible under the current scenario. On the other hand, if the price reverses course, it may stay around $2.0 instead of retracing it down to $1.84. We might see the value rolling back towards the $1.84 support level if there’s too much pressure on it . Right now, it appears as though MATIC is headed for a breakout, but traders should keep a close eye on the price action to see exactly what happens.

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 December 3, 2021 11:01 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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