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