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Polygon Price Analysis: MATIC consolidates above $1.55, prepares to drop further?

Polygon Price analysis

TL;DR Breakdown

  • 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 Analysis: MATIC consolidates above $1.55, prepares to drop further? 1
Cryptocurrency heat map. Source: Coin360

The overall market has seen a bearish momentum return over the last 24 hours. Bitcoin has lost 1.89 percent, while Ethereum 0.92 percent. The rest of the top altcoins follow with similar results.

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.

Polygon Price Analysis: MATIC consolidates above $1.55, prepares to drop further?
MATIC/USD 4-hour chart. Source: TradingView

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.

While waiting for Polygon to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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