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Polygon Price Analysis: MATIC retraces to $2.3, but trades within a tight range

TL;DR Breakdown

  • Polygon price analysis is slightly bullish today.
  • MATIC/USD gained 2 percent since yesterday, becoming the only gainer in a bearish market.
  • Support was found at $2.2 this morning.

Polygon price is up today, thanks to an expected rebound after a quick reaction increase from the recently discovered swing low. As a result, we believe that MATIC/USD will rise later today and anticipate it to test previous support as resistance at $2.6

Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 1.54 percent, while Ethereum went down by 1.14 percent. Meanwhile, the rest of the top altcoins follow with even bigger losses.

Polygon price movement in the last 24 hours: Polygon continues to decline, spikes below $2.5

The value of MATIC/USD has fluctuated between $2.22 and $2.37 since yesterday, demonstrating high volatility during the last 24 hours. Trading volume has increased by 207 percent, reaching $2.83 billion. Meanwhile, the overall market cap is valued at about $27.83 billion, putting it in 9th place globally.

MATIC/USD 4-hour chart: MATIC starts to react higher

On the 4-hour chart, we can see that the Polygon price action has found strong support at $2.00 this morning, suggesting a quick recovery over the next 24 hours.

MATIC/USD 4-hour chart. Source: TradingView

Over the previous weeks, the price of Polygon has been steadily declining. After a low of $1.7 was set on the 28th of November, MATIC/USD reversed its retreat gradually.

The second low was around $1.9, resulting in a sluggish slide throughout the first few days of December. After some consolidation on Thursday, MATIC began to move rapidly down again yesterday.

The previous low of $1.7 was swiftly reached and clearly shattered, clearing the path for more selling. Overnight, strong selling pressure persisted, pushing the Polygon price to a new low of $2.1. However, buying pressure has swiftly returned since then, most likely helping MATIC/USD recoup its losses during the weekend.

Polygon Price Analysis: Conclusion

Today, Polygon price analysis is favorable as we witnessed a significant decline followed by a quick rejection at $2.22. As a result, we anticipate MATIC/USD to recover and approach the previous low of around $2.5 next.

While waiting for Polygon to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

This post was last modified on December 8, 2021 5:37 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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