logo

Polygon Price Analysis: MATIC/USD is bullish for the next 24 hours

Chainlink Price Analysis

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.

MATIC shows signs of strength as the price rose to $1.928 from $1.78 during a Polygon price analysis. The current high has been broken by surpassing the $1.81 resistance level, the price cap of 29th November. However, there’s another significant barrier just a few decimal digits above the current price at $1.928; MATIC bulls will need additional backing to push through as market pressure is also strong at this point.

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

The price of Polygon has risen significantly today as the bulls reclaimed control, according to the 1-day Polygon price analysis. MATIC/USD is presently trading at $1.92, with resistance at almost the same level. Over the past 24 hours, MATIC has reported a 5.92 percent increase in value, and over last week, it has shown a 10.34 percent rise in value, which is a significant boost. The overnight trading volume increased by 23.69%, while market capitalization grew by 6.80%, resulting in the market dominance of 0.5%.

Polygon Price Analysis: MATIC/USD is bullish for the next 24 hours 1
MATIC/USD 1-day price chart. Source: TradingView

The volatility indicator is once again signaling an increase in volatility, as the ends of the Bollinger bands have diverged once more, with the upper band at $1.91 beneath the price level and the lower band at $1.47, forming an average at $1.69, which indicates MATIC’s second support zone in case the price spirals down.

The MACD is also in an uptrend, as the 12-day moving average has crossed above the 26-day moving average, which is a bullish sign. The Chaikin Money Flow indicator is also bullish, as it is currently in positive territory and increasing.

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 continues upside at the press time.

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

The MACD and Chaikin Money Flow indicators are bullish, while the Bollinger bands are expanding, indicating that the volatility is increasing. The RSI indicator is currently at 49, which suggests that there is still room for the price to increase.

The indicators are bullish and suggest that the upward trend is likely to continue. The next resistance level for MATIC is at $2.07, so the bulls will need to push against the resistance at $1.92 or face a possible correction.

The current resistance for MATIC is also present at $1.92. The bulls need to break this level to continue the upward trend. The support for MATIC is present at $1.81. If the bulls can break the resistance at $1.92, the next resistance will be $2.07.

Polygon Price Analysis: Conclusion

The Polygon price analysis reveals that the coin has made excellent progress today when it hit a high of $1.92, and there are good chances for bulls to push the price even higher in the coming hours. Today’s high for MATIC is anticipated to be followed by a retrace for a day before targeting the next significant barrier 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.

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.

Related News

Hot Stories

Bitcoin, Ethereum, Polygon, and Shiba Inu Daily Price Analyses – 13 August Roundup
Cardano price analysis: ADA rides bullish wave as buyers target $0.58 next
Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next?
Bitcoin price analysis: BTC ready for big short as bulls knock on $25k
CFTC charges Ohio Man for running a $12M BTC Ponzi scheme

Follow Us

Industry News

Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD