Polygon price analysis: MATIC price inflates to $2.3 six months high

Polygon price analysis MATIC price inflates to six months high

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • Resistance for MATIC is present at $2.44.
  • Support for MATIC is present at $2.27.

The Polygon price analysis report shows a strong bullish trend, as the price has heightened to a six months high, aiming for the ATH next. The bulls are in an aggressive position today as they have covered a range upwards today from $2.27 to $2.36, following a strong bullish trend for the last two days.

As the price has reached $2.36, the only next resistance for MATIC is the all-time high of $2.44, which is the all-time high record for MATIC set on 19th May 2021. The selling pressure will be humongous at this level as after marking ATH on 19th May, MATIC fell down to $1.62 the very next day on 20th may, losing almost 66 percent value in a single day.

MATIC/USD 1-day price chart: MATIC aims for ATH next

The 1-day price chart for Polygon price analysis shows strong bullish momentum, as the coin price is oscillating fast upwards. Currently, MATIC/USD is trading at $2.36 at the time of writing, reporting a more than 18 percent increase in value over the last 24 hours, and the trading volume has also increased by 38.83 percent. After the 4th December crash, the latest trend is again upwards as the bulls are aiming for another record high today.

Polygon price analysis: MATIC price inflates to $2.3 six months high 1
AVAX/USD 1-day price chart. Source: TradingView

The moving average (MA) value is settled at $2.0 below the price level. The volatility is high for MATIC as it is racing aggressively high. The upper Bollinger bands value has shifted to $2.36, just below the price level, while the lower Bollinger band has reached down to $1.32. The Relative Strength Index (RSI) graph also shows an upward slope as it trades at index 65, nearing the overbought region.

Polygon price analysis: Latest developments and further technical indications

The 4-hour price chart for Polygon price analysis shows the price function is headed upwards from the last 24 hours, and bulls are showing no signs of exhaustion yet as the price has surged above the six months high level. The bullish momentum has marked a definite uptrend as the price has broken above the $2.3 resistance point as well.

Polygon price analysis: MATIC price inflates to $2.3 six months high 2
AVAX/USD 4-hours price chart. Source: TradingView

If we talk about the moving average value in the 4-hour price chart, its value is settled at the $2.07 mark. The volatility is tremendously high, which on the opposite, is a negative indication for the crypto pair. The upper Bollinger band is now at the $2.33 mark, and the lower Bollinger band is present at the $1.70 mark. The RSI curve is showing an upward curve as its score has reached index 63 now.

Polygon price analysis: conclusion

The Polygon price analysis suggests the coin is highly bullish today. There are imminent chances for the MATIC price to close above $2.44 current ATH level if the bullish momentum continues with buyers’ support. But for confirmation, today’s candle must close in green above the $2.44 level. However, as the price is at a high level, careful trading is suggested, and it’s not a good entry point for buying.

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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