Polygon Price Analysis: MATIC/USD to break past the $2.65 resistance

Vechain Price Analysis

TL;DR Breakdown

  • The Polygon price analysis is bullish.
  • Resistance for MATIC is found at $2.65.
  • MATIC/USD is currently trading at $2.34.

In yesterday’s analysis, we saw the Polygon price analysis was bullish as it broke through several resistances. It is currently trading at $2.34, which looks quite promising as the bulls are attempting to push the MATIC/USD pair up further by clearing through some critical resistances.  According to our price prediction, the first hurdle for this cryptocurrency is found at $2.65, where it may face some strong resistance.

 If it manages to clear this resistance, momentum is expected to surge, and MATIC/USD could rally towards $3 in the near term, completing an ascending broadening wedge.

The RSI oscillator is at 51 today, after touching 38 on December 24, 2018. This has been a significant decrease from those days, which could be seen as bearish or bullish depending on what happened next – in this case, it’s clear that bulls are back in command for now.

The Stochastic Oscillator is showing positive divergence today to its last observed value on December 24, 2021. The bullish momentum may explode again to drive the price further up if this divergence remains constant.

The Polygon Price Analysis shows a longer-term bullish trend, which was confirmed when the price broke through its last resistance at $2.65. There is no reason to doubt that bulls will continue to push for higher prices in MATIC/USD today despite the overvaluation of the cryptocurrency market.

The Polygon Price Analysis is bullish even if there are corrections within this day because it still shows good signs overall. The price prediction also implies many gains ahead, but after reaching new highs, traders may want to take some profit off their table before further rises in MATIC/USD.

MATIC/USD 4-hour price analysis chart: Latest developments

The bulls came into play after the bears took over on April 17 and drove the price to $2.31 today. The RSI has fallen to index 47 in the mid-region of neutral territory, indicating that some bearish buyers are ready to take control. Besides this, there has been a bullish trend since January 1. Bulls may push for resistance at $2.35 again before they drive the price higher to challenge resistance at $2.62 next. If they fail here, a pullback might ensue towards support at $1.91 again before another rally begins in earnest for MATIC/USD.

The price of a Polygon worsened today, but selling pressure was also noted late at night, according to the most recent Polygon price analysis. However, for today, the trending line has been pointing towards the bull side, and it is continuing to move in the same direction as bulls have made a strong comeback. The past four days’ losses have been recovered.

Polygon Price Analysis: MATIC/USD to break past the $2.65 resistance 1
MATIC/USD 4-hours price chart. Source: TradingView

As a result of this overwhelming market move, the price has stayed above the moving average as well, which is at $2.13, and it’s also gone over the top end of the Bollinger bands, indicating high volatility for MATIC. On the 4-hour chart, the RSI score has been going up and is on an ascent slope now at index 63.

Polygon Price Analysis: Conclusion

It is evident from the one-day and four-hour Polygon price analysis that the cryptocurrency is in a favorable position when compared to recent days. MATIC/USD is likely to rise even more in the coming hours, but some retracement is also expected as the price approaches $2.35 resistance. After overcoming said barrier, we anticipate MATIC/USD to recover back into its previous range.

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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