TL;DR Breakdown
- Polygon price analysis for today is bullish, up by over 4%.
- We can see that the price action bounced from the $1.12 support level.
- This support level wasn’t broken, while another support at $1.14 has been formed.
- The price movement on the 4-hour chart yesterday saw five consecutive red candles.
- The nearest resistance is present at $1.262 and another at $1.393.
More often than not, the crypto market tends to follow a trend. The huge surge in the RSI levels and the movement of Bitcoin from 27K USD to 52K USD made every investor bullish on Bitcoin as well as all the altcoins. But, it is a fact that with huge gains, retracement is bound to occur, and we witnessed retracements in the market when BTC fell from $52K to $43K and from $48K to $43K.
Well, most of the altcoins, including Polygon, follow Bitcoin’s price movement. Therefore, the Polygon price analysis for today is bullish as we witness two consecutive green candles on the 4-hour chart. The MATIC/USDT price wasn’t able to break resistance at $1.4 and fell to $1.12. This support level wasn’t broken, and we witnessed MATIC jump from there.
Our Polygon price analysis also features data from Coinmarketcap, which states that the trading volume of the cryptocurrency has risen by over 44.30%. The market price of cryptocurrency has also increased by over 2.58%. If this continues, we might see higher prices in the short term, as the coin tries to breach the nearest resistance at $1.262.
Polygon price analysis: Technical indicators still bullish on the 4-hour chart
Our Polygon price analysis is bullish for today, but on the whole, the indicators are still pretty bearish. This is very much evident from the 4-hour charts below. These 4-hour charts represent the most-used technical indicators that give a hint at the possible future price action.
Looking at the current position of the MATIC/USDT price movement with respect to the key Moving Averages, there is a huge bullish movement on the overall chart. With consecutive red candles starting on the 18th, the bulls failed to break resistance at $1.44. From thereon, the MATIC/USDT price suffered a huge drop all the way to $1.2 and lost the 50-day as well as the 100-day Moving Averages.
The price action is currently situated on the downward side of the Bollinger Bands. This means that the price movement broke out of the lower end of the Bollinger Bands, leading to an expansion and increased price volatility. We can also see in the chart below that the coin is trying to recover from the damage.
The RSI levels, on the other hand, seem to be in the bearish zone. The value is below 40, i.e., according to our Polygon price analysis, the bulls have exhausted, and the buying pressure has surged. This buying pressure led to the drop in the price of the cryptocurrency. Although, the bears didn’t take the price movement into the oversold zone. This would be a very great time to buy MATIC.
The MACD histogram in the chart below is full of red bars as the price action turned bearish. The signal or orange line went above the MACD or the blue line, and a bearish crossover was witnessed. It can be seen that the two lines are now trying to come closer. But, overall, the price action remains bearish.
Polygon price analysis: Conclusion
Our Polygon price analysis can finally be ended on a bullish note for today, but the market is still very bearish right now. The downwards movement of the market seemed to have shaken many investors but, this has presented with good buying opportunities. Although, if you are interested in Polygon price analysis for the long term, visit our Price Predictions section.
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.
