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Polygon price analysis: MATIC spikes high as bullish momentum inflates to $1.92

Polygon price analysis MATIC spikes high as bullish momentum inflates to

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • The current resistance for MATIC is also present at $1.92.
  • Support for MATIC is present at $1.81.

The Polygon price analysis shows the coin is bullish today, as the price surged to $1.92 from $1.78. MATIC has set a higher high by crossing above the $1.81 resistance level, which also is the price cap of 29th November. However, there is another crucial resistance, just a few decimal values above the current price level at $1.928, and MATIC bulls will need more support to make a push through as market pressure is also high at this point.

MATIC/USD 1-day price chart: Bulls struggle to make a breakthrough above $1.92

The 1-day Polygon price analysis shows the price has increased significantly today as the bulls regained control. MATIC/USD is trading at $1.92 at the time of writing while facing resistance at almost the same point. MATIC reports an increase in value of 5.92 percent over the last 24 hours as bulls showed good momentum today, and MATIC also reports a 10.34 percent increase in value over the past week, which is also a considerable gain. The trading volume has also increased by 23.69 overnight, and the market cap went up by 6.80 percent, resulting in a market dominance of 0.50 percent.

Polygon price analysis: MATIC spikes high as bullish momentum inflates to $1.92 1
MATIC/USD 1-day price chart. Source: TradingView

The volatility indicator again show signs of an increase in volatility as the extreme ends of the Bollinger bands have taken on to diverging again, with the upper band at the $1.91 mark below the price level, and the lower band is at the $1.47, forming an average at the $1.69 mark which indicates the second support zone for MATIC in case the price spirals down.

The relative strength index (RSI) is on an upwards curve indicating the buying activity in the market. Currently, RSI is present in the upper half of the neutral zone at index 57, and there exists quite more room for bullish practice.

Polygon price analysis: Latest developments and further technical indications

The 4-hour Polygon price analysis shows MATIC corrected during the last four hours of the previous session and made a high jump at the start of the current session, MATIC still continues upside at the press time.

Polygon price analysis: MATIC spikes high as bullish momentum inflates to $1.92 2
MATIC/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart, and the Bollinger bands are expanded on to a larger area. The MATIC price is trading just below the upper band, which at $1.9222 represents the current resistance faced by MATIC. If bulls get more support and the price travels above the upper band, then it will turn into a support for the coin. While the lower band is present at the $1.5 level, the prevalence of volatility is quite clear in this scenario.

The RSI is nearing the overbought region as it is trading at index 77.93 near the borderline of the neutral region. However, the RSI curve shows some degree of flatness now, indicating the market pressure at this price point.

Polygon price analysis: conclusion

The Polygon price analysis suggests the coin has made good progress today as it reached $1.92, and there are ample chances of bulls taking the price further higher in the coming hours. We expect MATIC to continue higher for today and then retrace for a day before aiming for the next crucial resistance at $2.04.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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