Polygon Price Analysis: MATIC/USD set to test $2 next

ChainLink price Analysis

TL;DR Breakdown

  • Polygon price analysis is slightly bearish.
  • MATIC/USD is currently trading at $1.74.
  • Next support at $1.45.

We expect the downward trend to continue as we move forward. This is why, as you can see above, our analysis of Polygon’s price is bearish today. As a result, we anticipate that MATIC/USD will head towards $1.45 over the next 24 hours.

We have identified support and resistance zones on the chart above, helping us form a trading strategy that will yield good returns over time. First, we can see there is strong resistance at $1.60-70. Therefore, if Polygon continues to fall from the current levels, it may reach this zone soon. In addition, there’s also light resistance visible at $1.55-$1.56, which means traders will need to wait for a pullback before trying to go short again with MATIC/USD.

MATIC/USD 4-hour chart: Bulls seems to be on a comeback

On the hourly chart, we may observe consolidation in an increasingly tighter range that has been established over the last 24 hours, suggesting more downside later today.

Polygon Price Analysis: MATIC/USD set to test $2 next 1
MATIC/USD 4-hour chart. Source: TradingView

Following a strong October, when the Polygon reached an all-time high of $2.20 for the first time, November has seen significant bearish momentum so far. On the 3rd of November, MATIC/USD began to decline after retesting the all-time high, establishing numerous lower lows and highs.

The MACD on the hourly chart hints where MATIC/USD may be heading over time. We see that, while the MACD is close to crossing below its signal line and negative value, it still has some way until it reaches extreme levels, which would trigger an even stronger sell-off.

On the 4-hour chart, we can see a clear bearish divergence with price, noting further downside pressure in the short term. Since hitting $1.77 yesterday, this downward trend has been persistent and will likely continue onwards for some time if history repeats itself.

The $1.55 mark, on the other hand, prevented a sharper drop and led MATIC/USD into a consolidation around $1.55 to $1.60. We anticipate that Polygon price activity will continue to fall later this week due to lower local highs still being in place.

Polygon Price Analysis: Conclusion 

Today’s analysis of the Triangular is bearish, as we anticipate a further decline after the current consolidation is ended. MATIC/USD will almost certainly move toward the next support at $1.45 to continue the overall several-week bearish trend.

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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