- Polygon price analysis shows that price shot up more than 12 percent on the day to end bearish run
- Price went as high as $2.16 with trading volume falling around 5 percent
- MATIC looks set to test $2.5 resistance before profit taking comes into the market
Polygon price analysis for the day shows that the token ended a bearish spell that started with the new year, and spiked over 12 percent. Price went as low as the $1.8 support floor just yesterday, before finding an upturn which has the crucial 25 and 50-day exponential moving averages (EMAs) in sight. Over the newfound upturn, MATIC is set to test the $2.5 resistance point before sell offs are expected to take over trade. Trading volume fell only 5 percent during the day, suggesting that buyers are coming into the market and pushing price upwards.
The larger cryptocurrency market finally took an upturn after a slow start to the year. Bitcoin consolidated past the $42,500 mark with a 4 percent increment, while Ethereum rose around 6 percent to sit at $3,200. Among Altcoins, major gains were seen with Terra (14 percent), Polkadot (6 percent) and Solana (5 percent). Cardano and Ripple also rose 4 percent each to move up to $1.19 and $0.76, respectively.
MATIC/USD 24-hour chart: Crucial EMAs set as next price target
On the 24-hour chart for Polygon price analysis, price can be seen finding a significant upturn over the past 24 hours. Since falling below the 50-day EMA at $2.5 on January 3, MATIC has remained below the mark. However, the EMA at $2.223 looks to be the next target for price as buyers push upwards. The Relative Strength Index (RSI) shows an increasing market valuation at 45.23, suggesting of further movement upwards. However, the Moving Average Convergence Divergence (MACD) curve still sits well below its neutral zone near the zero mark, suggesting that the bearish outlook remains in play with support close by at $1.85.
MATIC/USD 4-hour chart: Price faces crucial trade near $2.2
The 4-hour candlestick chart for the MATIC/USD trade pair shows price upping past the 4-hour EMA at $2.075 and heading upwards. However, resistance is expected to come in near $2.22 and the next short term trade will determine if MATIC can withstand the pressure to test the $2.5 resistance. The MACD curve shows bullish signs after moving above its neutral zone during the day, while the 4-hour RSI is also looking upwards in terms of market value at 49.75.
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