Polygon price analysis: MATIC heads towards $3.25 after rising 5 percent

Shiba Inu price analysis

TL;DR Breakdown

  • Polygon price rose 5 percent on the day to reach as high as $2.60
  • Trading volume dropped 60 percent, highlighting buyer momentum
  • Price could rise as high as $3.25 with downside potential also intact

Polygon price analysis for the day shows the token on the up, after rising more than 5 percent over the past 24 hours. Price rose as high as $2.60 with trading volume falling more than 30 percent to indicate buying dominance in the market. MATIC touched its record price of $2.92 on December 27 and looks to be consolidating back up to the point after consecutive days of sell offs. Price could go as high as $3.25 over the current trend, and presents a discounted buying opportunity at current level with a buy stop order at $2.70 and stop loss at $2.50.

The larger cryptocurrency market showed increments all round, led by Bitcoin’s 3 percent rise up to $47,400. Ethereum also upped 3 percent to sit at $3,700, while Altcoins also fared well. Polkadot rose 7 percent at $28.24, Terra 6 percent at $90.07 and Solana 6 percent at $178.8. Ripple and Cardano also upped 5 percent each to sit at $0.85 and $1.35, respectively.

Polygon price analysis: MATIC heads towards $3.25 after rising 5 percent 1
Polygon price analysis: Cryptocurrency heat map. Source: Coin360

MATIC/USD 24-hour chart: RSI on the up to justify price advance

On the 24-hour chart for Polygon price analysis, the Relative Strength Index can be seen on the rise, sitting at 57.13 to indicate a strong valuation in the market. The current trend shows a triple top breakout pattern, which is one of the most ideally perceived entry points in crypto. Price currently sits above the crucial 25 and 50-day exponential moving average (EMA) and targets the first resistance point at $2.70. The Moving Average Convergence Divergence (MACD) curve sits above the 0.00 mark and just below its neutral zone, also indicating potential movement upwards.

Polygon price analysis: MATIC heads towards $3.25 after rising 5 percent 2
Polygon price analysis: 24-hour chart. Source: Trading View

MATIC/USD 4-hour chart: Crucial short-term trade ahead as price sets $2.70 target

On the 4-hour chart for the MATIC/USD trade pair, price can be seen targeting upwards to $2.70. The RSI value of 51.22 shows positive signs, while price also sits above the crucial EMAs. The upcoming short-term trading sessions will determine if price will be able to consolidate towards $2.70 as it currently sits in the top half of the Bollinger bands’ curve. Downside potential also exists near the December 30 high of $2.44.

Polygon price analysis: MATIC heads towards $3.25 after rising 5 percent 3

Polygon price analysis: 4-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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