- Polygon price analysis is bullish for today.
- MATIC/USD rejects further downside at $1.05.
- Polygon is ready to move higher.
Polygon price analysis is bullish today as a further downside was rejected yesterday after an intense bearish pressure. Therefore, we expect MATIC/USD to see reversal last weekend, with bulls likely targeting the $1.25 mark next.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin is up by 0.15 percent, while Ethereum remains almost flat, with a small loss of 0.01 percent. Tezos (XTZ) is the best performer from the major altcoins, with a gain of 8.5 percent.
Polygon price movement in the last 24 hours: Polygon retests previous low above $1
MATIC/USD traded in a range of $1.09 – $1.15, indicating mild volatility over the last 24 hours. The total trading volume has decreased by 10.94 percent and totals $769.3 billion. Meanwhile, the total market cap trades around $7.5 billion, ranking the coin in 21st place overall.
MATIC/USD 4-hour chart: MATIC ready to reverse?
On the 4-hour chart, we can see another rejection for the downside, indicating an upcoming reversal.
Polygon price action has traded with strong volatility so far this month. After the market price peaked at around $1.80 on the 6th of September, a drop of more than 30 percent followed.
Support was eventually found around $1.25. MATIC/USD consolidated above this support for several days as it attempted to reverse. However, after an upsurge to $1.50 last weekend, another strong drop followed on Monday.
This time, the Polygon price action found support above the $1 mark, with a reaction forming a lower high at $1.25. Yesterday, another retest of the previously set low was made, with bulls quickly picking up selling pressure above $1.05.
Polygon Price Analysis: Conclusion
Polygon price analysis is bullish today as the market saw another rejection for further downside yesterday after a strong bounce from the $1.25 resistance. Therefore, we expect a reversal to follow, which likely will lead the Polygon price action to set a higher high next.
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