- Polygon price analysis is bullish today.
- MATIC/USD saw another selloff overnight.
- MATIC/USD is currently trading at $1.63
The triangle price pattern is bearish today, as we anticipate recovery to follow after another drop. Since the support level of $1.55 was recognized again, MATIC/USD should recover some of its losses during the next 24 hours.
The Awesome Oscillator displays red bars today, as MATIC/USD continues its drop. Since the triangle price pattern is bearish today, we should see MATIC/USD recover some of its losses during the next 24 hours. Losing another $0.2 against USD overnight left an impact on sentiment towards this cryptocurrency.
The Awesome Oscillator rhythm displays red bars today, suggesting that bears control MATIC/USD. Another drop is expected, with the supporting zone now located below the current price point at around $1.5. Before resuming its uptrend, another corrective period could be required before reaching higher levels again – this would allow for support increase in MATIC/USD prices against USD and other currencies on exchanges worldwide.
A more significant breakout can be expected once the triangle pattern is terminated. For reversal signals to occur, though, the Support at $1.55 would need to be broken. A move above the $1.7 resistance could then challenge for further gains towards $2.
MATIC/USD 4-hour chart: MATIC looks to retrace from $1.55
On the 4-hour chart, further downside was rejected for the Polygon price supports the $1.55 mark prevented further downside.
The price of a triangle has been on a significant climb in recent weeks. After establishing Support at $1.45, MATIC/USD began to establish higher lows, reaching a high of approximately $1.70 on the 25th of November.
The MACD indicator displays a blue bar today, signaling that the overall momentum is bearish. This could be because the market is still awaiting news on MATIC/USD’s plans before implementing any major changes in price action against USD and other currencies.
The Bollinger bands are wide apart today, suggesting volatility is low. Traders seem to be sitting back and not reacting to any changes in price support. However, if Polygon manages to push through $1.55 this morning (GMT), we should see significant upwards progress towards the next resistance level at $1.7.
Polygon Price Analysis: Conclusion
The price of a triangle has been steadily rising since late May. The bulls have consistently pushed the price higher, and the traders are still bullish on this pair despite its fall from $1.60 to $1.55 overnight. After another drop overnight to the $1.55 support, we anticiSupportrecovery, which is favorable for investors who believe in triangles as an investment strategy due to future price movemSupportdicated by preceding highs and lows over time.
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