Polygon price analysis: MATIC aims for $2.42 as bullish momentum escalades

Polygon price analysis MATIC aims for as bullish momentum escalades

TL;DR Breakdown

  • The Polygon price analysis is bullish today.
  • Resistance for MATIC is present at $2.42.
  • Support for MATIC is present at $2.27.

The Polygon price analysis is highly bullish for today as the coin rallied from 2.13 to $2.30. The bulls took the lead following a descend for two days, but overall the cryptocurrency price is in the higher price range as the next resistance standing at $2.42 is the second-highest price peak after the all-time high of $2.44 observed on 18th May 2021. During the previous bulls run, the coin made a few attempts at the ATH level but wasn’t successful, and today as the price is nearing $2.42, again, there are chances for a record high to be observed in the current or the next trading session.

MATIC/USD 1-day price chart: MATIC gains 11 percent as trading volume increases significantly

The 1-day Polygon price analysis shows the coin is bullish and is trading hands at $2.30 at the time of writing. The recent bullish run started on 14th December when MATIC refused downside below $1.80. The crypto pair has gained a value of 11 percent during the last 24 hours and has gained a value of 26.39 percent over the past week. The trading volume has also increased by 32.22 percent, and the market cap has also increased by 10.52 percent during the last 24 hours.

Polygon price analysis: MATIC aims for $2.42 as bullish momentum escalades 1
AVAX/USD 1-day price chart. Source: TradingView

The Volatility for MATIC is high and increasing more, as the Bollinger bands, after maintaining the distance between their extreme ends, show signs of further divergence. The upper band is present at the $2.42 mark representing resistance, and the lower band is present at the $1.86 mark—the average of the Bollinger bands at the $2.14 mark, which represents support for MATIC.

The relative strength index (RSI) is trading in the upper half of the neutral zone at index 58 on an upwards curve. The indicator’s steep curve indicates the aggressive buying activity due to which the price has reached the current level of $2.30.

Polygon price analysis: Latest developments and further technical indications

The 4-hour Polygon price analysis shows the selling pressure has started to build as the price is now coming down after shooting up for eight hours. Overall the recent trend line on the 4-hour chart is upwards for the last 24 hours as the coin started to rally during the last trading session.

Polygon price analysis: MATIC aims for $2.42 as bullish momentum escalades 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is comparatively high on the 4-hour chart, as the Bollinger bands are expanding again. The upper band is at the $2.32 mark representing resistance as the price just steeped below this level, and the lower band is at the $2.08 mark. The average of Bollinger bands is at the $2.20 mark, representing support for the coin. The moving average (MA) is at the $2.17 mark below the Bollinger bands average line. The relative strength index (RSI) is trading in the upper half of the neutral zone at index 63, and the RSI curve is now downwards, hinting at the current selling activity.

Polygon price analysis: conclusion

The Polygon price analysis shows that the coin has gained significant value today as the price has perked up at a higher level. But the selling pressure is also high at this stage which is also confirmed from the price function during the last four hours. We expect MATIC to continue upside again today after correcting for some time. A breakout above $2.42 is also possible if bullish support remains intact.

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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