- Polygon price analysis is bullish today.
- MATIC/USD has retraced to $1.91 previous high.
- Further downside currently rejected.
MATIC is showing a buy signal, which indicates that the market is ready to reverse. A new higher low has formed above the $1.90 support, indicating that the price analysis is bullish. As a result, we anticipate MATIC/USD to recover from the support and rise again in the days ahead.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Polygon price movement in the last 24 hours: Polygon retraces to retest $1.91 daily high
The price of the Matic network token, MATIC/USD, has been trading in a range of $1.892 to $1.91 on the 1-day chart, indicating mild volatility over the last 24 hours. Trading volume has decreased by 43.32 percent and stands at $1.89 billion while the whole market capitalization is valued at $33.11 billion.
At the time of writing, MATIC/USD has retraced to test major support at $1.90. The market is currently rejecting lower prices and attempting to make a higher low, which indicates the price of MATIC will likely break out from the current resistance at $2.02 and move upwards.
MATIC/USD 4-hour chart: MATIC has established a higher low at $1.90?
We can observe Polygon price action continuing to respect the $1.90 mark on the 4-hour chart, which is likely to result in a reversal over the following days.
Polygon prices have shown significant bullish momentum over the last weeks. The initial advance began at the start of October when the first higher high was established at $1.35.
The pair moved to the $1.13 level, which was tested during the middle of October, before returning to its support at $1.00. The market then reversed course and surged past the $2.90 mark on December 15th before correcting down to present levels closer to $2.00 on January 10th.
The price action has continued to move higher, and the Polygon is currently trading at a new several-month high of $2.20. The price of Polygon rapidly advanced another 30% and reached a new several-month high of $2.20.
Polygon Price Analysis: Conclusion
Polygon price analysis is favorable today since a higher low has probably been formed above the $1.90 resistance turned support level. As a result, we anticipate MATIC/USD to rise further over the next week, perhaps reaching new heights near $2.20.