- Polygon price analysis is bearish.
- MATIC/USD consolidates around $1.55-$1.60.
- Next support at $1.45.
Polygon price analysis is bearish today as we expect more downside to follow after the current consolidation ends. Therefore, MATIC/USD will likely head towards the $1.45 mark over the next 24 hours.
Polygon price movement in the last 24 hours: Polygon consolidates above $1.55
MATIC/USD traded in a range of $1.54 – $1.62, indicating mild volatility over the last 24 hours. Trading volume has increased by 33 percent and totals $821 million, while the total market capitalization trades around $10.95 billion, ranking the coin in 20th place overall.
MATIC/USD 4-hour chart: MATIC prepares to drop further?
On the 4-hour chart, we can see consolidation in an increasingly tighter range formed over the last 24 hours, likely leading to more downside later today.
After a strong October, when a new all-time high was reached at $2.20, the Polygon price action has seen strong bearish momentum so far in November. After a retest of the all-time high on the 3rd of November, MATIC/USD started to retrace, setting several lower lows and highs.
The current low at $1.45 was reached on the 18th of November, totaling a loss of over 30 percent. From there, the market retested $1.65 previous resistance as support before bearish momentum returned.
The $1.55 mark did prevent further downside, leading MATIC/USD into a consolidation around $1.55-$1.60. Since lower local highs are still set, we expect the Polygon price action to decline even further later this week.
Polygon Price Analysis: Conclusion
Polygon price analysis is bearish today as we expect further drop lower after the current consolidation is resolved. Likely, MATIC/USD will move towards the next support at $1.45 to continue the overall several-week bearish trend.