Polygon price analysis: MATIC breaks above $2.13, as bulls dominate the price function

Polygon price analysis MATIC breaks above as bulls dominate the price function

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • Resistance for MATIC is present at $2.26.
  • Support for MATIC is present at $2.14.

The Polygon price analysis is bullish today as the coin continued upside above yesterday’s $2.13 price cap. MATIC faced rejection at the very same point previously on 16th December, but today bulls have successfully turned this resistance into a support level. As bulls continue higher, there is no obstacle in between until the next resistance which is present at $2.26, but it’s a long way to go.

MATIC/USD 1-day price chart: MATIC price reaches $2.19 as bulls gain 4.2 percent

The 1-day price chart for Polygon price analysis shows an increase in price. The MATIC/USD is trading hands at $2.19 at the time of writing. The crypto pair gained a value of 4.29 percent during the last 24 hours and has gained a value of 4.07 percent over the course of the last seven days. The trading volume has also increased by 10.17 percent, and the market cap has also increased by 2.40 percent during the last 24 hours.

Polygon price analysis: MATIC breaks above $2.13, as bulls dominate the price function 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility for MATIC/USD is decreasing, as the Bollinger bands show convergence. As can be seen on the 1-day chart, the upper Bollinger band is present at the $2.41 mark, representing a resistance level for MATIC/USD, and the lower band is present at the $1.75 mark representing the lowest support for MATIC/USD.

The relative strength index (RSI) is in the upper half of the neutral zone at index 56 on an upwards slope. The indicator shows the balance of influence is towards the buyers’ side.

Polygon price analysis: Latest developments and further technical indications

The 4-hour Polygon price analysis shows the price function has been headed upwards from the last 20 hours, following a downtrend on 16th and also in the first half of the 17th December trading session. The recent bulls run started in the second half yesterday and continued up till now.

Polygon price analysis: MATIC breaks above $2.13, as bulls dominate the price function 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility has also decreased the 4-hour chart as the Bollinger bands have converged. The upper band is at $2.24, representing resistance, and the lower band is at the $1,91 mark, making an average of $2.07 mark. The RSI is at index 60 in the neutral zone and trades on an upwards curve, hinting at the buying activity in the market.

Polygon price analysis: conclusion

The Polygon price analysis shows the price oscillation is upwards as the bullish momentum is quite steady, and more improvement in price is expected today. The MATIC price is already in the higher price envelope, and bulls have been progressing for the last 20 hours, so a small correction may follow in the coming hours, but overall the trend is expected to remain upwards.

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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