Polygon price analysis: MATIC breaks at $1.98, aims for $2.08 next

Polygon price analysis MATIC breaks at aims for next

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • Resistance for MATIC is present at $2.08.
  • Support for MATIC is present at $1.93.

The Polygon price analysis report is favoring bulls today as the price function is continuing upside for today as well. Currently, the MATIC/USD is facing a crucial resistance at the current price level, and it needs more push to break through this level. The next target for bulls is $2.08, which is another crucial resistance level to be conquered in order to continue further upside.

Over the past week, the trend has been downwards as the coin observed significant loss during this time, but the coin rejected further downside below $1.81, and the trend has been changing since yesterday.

MATIC/USD 1-day price chart: MATIC gains 8 percent overnight

The 1-day Polygon price analysis shows the coin has been on an upwards trend since yesterday. MATIC has gained a value of more than eight percent over the last 24 hours as it is trading hands at the $1.98 at the time of writing, but on the other hand, the coin reports a loss in value amounting to 16.2 percent over the past week, as the trend line was sharply downwards for this time after the coin faced rejection at $2.42 on 9th December. The market cap has also increased by 8.5 percent, along with the price levels surging high, but the trading volume has dropped by 1.07 percent.

Polygon price analysis: MATIC breaks at $1.98, aims for $2.08 next 1
AVAX/USD 1-day price chart. Source: TradingView

The MATIC/USD pair is in high volatility as the volatility indicator has extended its arms with the upper limit at the $2.45 mark and the lower limit at the $1.55, representing support for MATIC. The average line of the Bollinger bands at $2.00 represents resistance for MATIC. The moving average (MA) is still trading above the price level at the $2.10 level.

The relative strength index (RSI) is on a slight upwards slope at index 50 at the center of the neutral zone. The RSI curve indicates comparatively more buying activity than the selling, but as the price is at a resistance level, the RSI curve has been getting flat.

Polygon price analysis: Latest developments and further technical indications

The 4-hour Polygon price analysis shows that the price breakout was upwards at the start of the trading session today. However, then bears intervened as the price touched $2.0 as a retracement was observed, but the bulls never gave up, and the price function has been upwards again during the last four hours.

Polygon price analysis: MATIC breaks at $1.98, aims for $2.08 next 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is high for MATIC on the 4-hour chart as the Bollinger bands are still expanded, with the upper band at the $2.14 mark representing resistance for the coin, and the lower band is at the $1.73 mark, the mean average of the Bollinger bands is forming at the $1.93 mark representing support for MATIC. The RSI is again moving upwards after coming down during the previous hours as the bulls are again making progress. The RSI has reached index 51, hinting at the buying that started again in the market.

Polygon price analysis: conclusion

The Polygon price analysis is bullish today, but the price function is currently under pressure as the price is present near a resistance zone. Bulls need more support from traders in order to break through the $2 level. We expect the MATIC to break above the $2 psychological mark today if the bullish momentum continues.

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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