Polygon Price Analysis: MATIC/USD pair set to spike higher today

Solana price analysis

TL;DR Breakdown

  • Polygon price analysis is bullish today.
  • MATIC/USD pair is currently trading at $2.4.
  • Support for MATIC is present at $2.42.

The Polygon price analysis is bullish today, with the coin receiving support at $2.43 and rising to $2.46. From January 2nd, MATIC has been in a downward trend, followed by a more severe downturn yesterday. We predict that MATIC will break above $2.49 resistance in the next hours, allowing the MATIC bulls to advance toward their ultimate objective of $2.55.

On the flip side, if MATIC fails to break above $2.49 and drops further once again, we might be seeing a lower low than $2.43 as observed yesterday and today’s lows of $2.42.

The coin hasn’t been able to close higher than $2.49 during Asian trade hours in the last 8 days, which indicates that the bulls are weak. Longer-term investors must be looking to accumulate at this level.

The RSI of MATIC is currently below 50, indicating oversold conditions, but may soon move back above 50 to signal a return of bullish momentum.

MATIC has been consolidating between $2.43 and $2.49 for the past two days, with its RSI oscillating just above or below 50 levels. Suppose it tries to break above $2.49 resistance. In that case, we might see some more buying towards the next resistance at $2.55 followed by another dip into support around $2.40-$2.45 zone again before attempting another breakout attempt toward Fibonacci resistance levels at $2.67 and then $3.00.

If it fails to bounce from the current support levels, then we should see MATIC attempt a move to break below $2.40 first before any further drops down toward the $1-$1.20 zone again which is possible given that other cryptocurrencies are trying to recover right now as well so there might be enough liquidity for all cryptocurrencies

MATIC/USD four-hour price analysis: Latest developments and further technical indications

The 4-hour Polygone price analysis reveals that the price breakout was downwards following a retracement from yesterday, but a bullish period of approximately eight hours was also seen today. The price has fallen again during the last four hours, but the strong performance is still in control.

Polygon Price Analysis: MATIC/USD pair set to spike higher today 1
AVAX/USD 4-hours price chart. Source: TradingView

On the 4-hour chart, volatility is modest, as the Bollinger bands form a narrow channel. The upper band is at $2.59, representing resistance, while the lower band is at $2.40, expressing strong support for MATIC. The moving average (MA) is located approximately at the $2.45 price level below the price area.)The RSI, which is often referred to as the “fear of downward trend,” is trading in the lower half of its neutral zone at index 45, with a downwards curve that indicates the beginning of selling activity once more in the market. However, buying opportunities to overwhelm the bearish side over the coming hours.

Polygon Price Analysis: Conclusion

The Polygon price prediction is positive at the moment, with the price has increased to $2.46. We anticipate that MATIC will continue to rise in the next 24 hours and that MATIC/USD will break above $2.49 in the coming hours.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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