TL;DR Breakdown
- The Polygon price analysis is bullish today.
- MATIC/USD is presently trading at $2.1.
- Support for MATIC is present at $1.93.
Polygon is currently supporting the bulls, with the price function continuing to climb. The current MATIC/USD resistance level is a difficult obstacle, and it will take more force to overcome it. Bulls have set their sights on $2.08 as the next objective, another important resistance barrier to conquer to open the door for further price appreciation.
The price of XRP has remained in a downward trend for the past week, with significant losses observed during this time. However, the currency thwarted additional declines below $1.81 yesterday and has shifted since then.
MATIC/USD price movement in the last 24 hours: MATIC gains 8 percent overnight
The Polygon price analysis for the day shows that the coin has been on an upward path since yesterday. MATIC is currently trading hands at $1.98, having increased in value by more than eight percent within the last 24 hours, despite having a negative value of 16.2% over the past week, as the trend continued to move south. The coin has been hovering above the $2 level after losing momentum near this price point.
The MACD is moving toward positive territory, with its signal line beginning to slope higher in a bullish pattern. The RSI indicator also supports an increase in bullish momentum, as it is currently positioned at 47 and continues to climb along with the price. The 100 EMA line is moving lower but is also showing that the coin may be ready to start reversing this downward trend toward a bullish momentum.
The MATIC/USD pair is in a state of high volatility. The volatility indicator has extended its arms with the upper limit at $2.45 and the lower limit at $1.55, indicating support for MATIC. The Bollinger bands’ average line at $2.00 is resistance for MATIC. The price level remains below the upper band but has also managed to close its distance from the center of the bands. The Chaikin Money Flow indicator shows no bearish momentum within this pair as its value increases significantly.
The AVAX/USD pair remains in a state of decline since it reached all-time highs near $0.20 earlier this year. The price fell below $0.16 today, opening the doors for significant declines soon if it cannot move back above this level.
Polygon price analysis: Latest developments and further technical indications
The Polygon price chart shows that the price breakout occurred today at the beginning of the trading session. On the other hand, Bears intervened when the price touched $2.0 as a retracement was observed, but the bulls never gave up and had been rising again during the last four hours.
AVAX/USD 4-hours price chart. Source: TradingView
The volatility of MATIC on the 4-hour chart is still high, with the Bollinger bands yet widening, with the upper band at $2.14 representing resistance for the coin and the lower band at $1.73 representing support, with the mean average of the Bollinger bands forming at $1.93 providing support for MATIC. After coming down during previous hours, the RSI has risen again as traders continue to make progress. The RSI has reached index 51, which suggests that buying may resume in the market.
Polygon Price Analysis: Conclusion
The Polygon price analysis is favorable today, but the rate is presently being held back by a resistance range. To break through $2, bulls will require additional trader support. We anticipate that the MATIC will break above the $2 psychological level 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.
