Polygon price analysis: MATIC value demotes up to $1.613 after bearish turn

Polygon price analysis Cryptocurrency value demotes up to after bearish turn

TL;DR Breakdown

  • The price has degraded to $1.613.
  • Polygon price analysis favors bears.
  • Support is sufficient at $1.481.

The most recent Polygon price analysis is showing signs of a downtrend today, as the price experienced a sudden drop in the last 24-hours. The bears have been maintaining their lead for the past few weeks in quite a consistent manner. Although there have been ups and downs where the bulls got a chance to upgrade price, the overall trend has been bearish. The price has declined up to $1.613 during the day as well.

MATIC/USD 1-day price chart: Price takes downturn near $1.64 after minimal recovery

The one-day Polygon price analysis is confirming a downward trend for the day as the price stepped down to $1.64 during today. The bears have been performing quite aggressively for the past few weeks as a constant downtrend has been dominating the price charts. Even today, a decline in price is being detected as the bears managed to make a comeback once again. The price has thus gone below its moving average (MA) value i.e. $1.641.

Polygon price analysis: MATIC value demotes up to $1.613 after bearish turn 1
MATIC/USD 1-day price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 curves took place in the previous weeks as well which is a further confirmation of the bearish lead. The Upper Bollinger band value in the one-day price chart is $2.037 whereas the Lower Bollinger band value is $1.481. The Relative Strength Index (RSI) score has decreased up to 45.87 as well because of the sudden drop.

Polygon price analysis: Shift in trends expected as MATIC devalues up to $1.610

The four hours Polygon price analysis is displaying favorable results for the bears, as more selling activity has taken place in the last four hours. A constant variation in the price trends has been ongoing for the past few hours, but the latest price movement has been in the bearish direction. The price has decreased up to $1.610 as a consequence of the latest bearish slide. The moving average value, on the other side, is standing at $1.621 high.

Polygon price analysis: MATIC value demotes up to $1.613 after bearish turn 2
MATIC/USD 4-hours price chart. Source: TradingView

Although the bulls tried taking control of the market in the earlier hours of the day, the last four hours yet again proved to be in the favor of bears. The Bollinger Bands Indicator is showing a change in its values as well, as now the upper value is at $1.687 and the lower value is $1.485. The RSI score is showing quite a neutral figure now i.e. 49.91.

Polygon price analysis: MATIC value demotes up to $1.613 after bearish turn 3
MATIC/USD technical indicators chart. Source: TradingView

The technical indicators chart for Polygon price analysis is indicating that the market has been following a declining trend for the past few weeks. This is why a bearish signal is on the display and 11 indicators are settled on the selling position, 10 indicators are on the neutral position while five indicators are on the buying position

The Moving Averages Indicator is showing support for the sellers by giving out a negative hint. A total of nine indicators are occupying the selling position, five indicators are on the buying position while only one indicator is present on the neutral position. The Oscillators are indicating a similar trend and nine oscillators are at the neutral level, two oscillators are at the selling level while zero oscillators are at the buying level.

Polygon price analysis conclusion

The one-day and four hours Polygon price analysis is hinting at a bearish trend for the day as a drop in price was detected. Although the bulls were on their way to recovery, the bears returned on the price chart once again by bringing the price down to $1.613. The four hours candlestick chart is also displaying red candlesticks, which means that the past few hours have been supportive for the bears as well. In case the downtrend extends then the next support for MATIC is present around $5.8 support handel.

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.
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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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