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Polygon price analysis: MATIC/USD consolidates above $1.57

matic

TL;DR Breakdown

  • Polygon price analysis shows a bullish trend
  • Resistance is present at $1.7
  • Support is present at $1.50 for MATIC
Polygon price analysis: MATIC/USD consolidates above $1.57 1
Cryptocurrencies prices heatmap, Source: Coin360

Polygon opened the daily market chart with a bullish trend, currently trading at $1.58. Polygon price analysis shows the market cap is valued at $257,829,539 with a 24-hour volume of $40,523,500.Matters are looking good for MATIC as the token consolidates above $1.5 and enters a new bullish phase. The MACD indicator has turned bullish, and the RSI is inching upwards, indicating increasing market bullishness.

The next resistance level to watch for is $1.7.Polygon prices have adopted a bullish trend as from the reports. MATIC/USD is up by 7.76 percent and is currently exchanging hands at $1.59 after opening at $1.47. The market cap has also jumped to $257,829,539 from the previous $236,362,906 and the 24-hour volume now stands at $40,523,500. The next resistance level to watch for is $1.7 with a probable push to $2.0 if the bulls maintain control.

Polygon price movement in the 1-day chart: MATIC/USD price eyes $1.7 mark

The 1-day chart shows that MATIC/USD has been on a bullish trend since it opened at $1.47, reaching a high of $1.70 and consolidating above the $1.5 mark. The MACD indicator is positive and pointing upwards, while the RSI is in the overbought zone but has not shown any signs of reversing.

Polygon price analysis: MATIC/USD consolidates above $1.57 2
MATIC 1-day price chart, source: TradingView

The bulls will need to break past the $1.7 resistance level for a sustained move to $2.0 and beyond. A fall below the $1.47 support could see MATIC/USD dropping to the $1.30 mark. The EMAs are sloping upwards, indicating a bullish market. The upper Bollinger Band is providing strong resistance at the moment and a break above it could see MATIC/USD testing the $1.8 resistance level in the near future.

MATIC/USD 4-hour price analysis: Bulls have established firm control of the market as prices soar towards the $1.7 mark

The 4-hour chart for Polygon price analysis shows that the bulls are in control as the price is above both the 100 and 200 EMA and the RSI is in the bullish zone. The MACD is positive and points upwards, indicating that the bulls are still in control. The RSI is above 50 and is in the bullish zone, which shows that the bulls are in control of the market.

The MACD is positive and points upwards, indicating that the bulls are in control of the market as per Polygon price analysis. The 100 EMA is sloping upwards while the 200 EMA is sloping downwards, which shows that the market is in a consolidation phase. The Bollinger Bands are widening, which shows that the market is in a bullish phase.

Polygon price analysis: MATIC/USD consolidates above $1.57 3
MATIC/USD 4-hour price chart, source: TradingView

Polygon price analysis conclusion

We can conclude that Polygon price analysis is looking good for MATIC as the token consolidates above $1.5 and enters a new bullish phase. The MATIC/USD pair is in a bullish trendline, giving positive indicators. A break past the $1.7 resistance level could see MATIC/USD reaching $2.0 and beyond in the near future.

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 consultation with a qualified professional before making any investment decisions.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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