Polygon Price Analysis: MATIC/USD is bearish for the next 24 hours

Polygon Price Analysis

TL;DR Breakdown

  • The price has degraded to $1.613.
  • Polygon price analysis is bearish today.
  • Support is sufficient at $1.481.

The most up-to-date Polygon pricing study suggests a downward trend presently, with the price having a tremendous decrease in the past 24 hours. The bears have been in control for several weeks now in a very consistent manner. Despite ups and downs where the bulls got a chance to improve price, the overall trend has been bearish. Throughout the day, the price has dropped by approximately $1.613.

Currently, the support stands at 1.481 and is relatively stable from an overview. However, it seems likely that there could be a substantial drop down to around the psychological threshold of $1.5 if Polygon hovers around this level for a long enough time without a surge to retake resistance points. If not, however, it’s probably going up to test previous highs before hitting this next bottom whenever that may be – so it is best to stay on the lookout with this one for now.

MATIC/USD 1-day price chart: Price takes downturn near $1.64 after minimal recovery

The one-day Polygon price analysis confirms a downward trend for the day as the price stepped down to $1.64 during today. The bears have been performing quite aggressively for the past few weeks as a constant downtrend dominates the price charts. Even today, a price decline is being detected as the bears managed to make a comeback once again. The price has thus gone below its moving average (MA) value, i.e., $1.641.

Polygon Price Analysis: MATIC/USD is bearish for the next 24 hours 1
MATIC/USD 1-day price chart. Source: TradingView

On the one hand, the market’s bearish tone was bolstered by a crossover between SMA 50 and SMA 20 curves in recent weeks, another indication of the bearish lead. On the one-day price chart, the Upper Bollinger band value is $2.037, whereas the Lower Bollinger band value is $1.481. The Relative Strength Index (RSI) score has decreased to 45.87 owing to the sudden fall.

MATIC/USD four-hour price analysis chart: the current trend is expected to shift

The bearish trend is continuing to expand. In the previous four hours, there has been a lot more selling activity than buying activity. For the past several hours, a continuous shift in price trends has been in effect, but it has been moving in the negative direction. As a result of the most recent bearish plunge, the price has decreased by up to $1.6110. The latest slide has caused a price drop to $1.610 high (moving average value: $1.621).

Polygon price analysis: MATIC value demotes up to $1.613 after bearish turn 2MATIC/USD 4-hours price chart. Source: TradingView

The 4-hour price chart demonstrates that bears are in control right now. The Bollinger bands have contracted, while the Moving Average Convergence Divergence (MACD) is southbound. The RSI has also given up ground on its previous bullish run to fall back on the 45 mark, indicating a neutral trend. On the one-day price chart, at present, there seems to be an indication of some improvement, if not immediately then soon: RSI and MACD seem to agree with this sentiment as they both try and push upward from their current bottom values.

Polygon Price Analysis: Conclusion

Polygon’s one-day and four-hour price analysis suggests a bearish trend for the day, with a drop in price being observed. Despite the bulls’ efforts to recover, the bears reemerged on the price chart, driving it down to $1.613 once again.

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.
Sergio Goschenko

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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