Ethereum
$ 1,163.10 3.56%
Solana
$ 36.21 6.85%
Dogecoin
$ 0.067615 7.29%
ApeCoin
$ 5.07 1.56%
Bitcoin
$ 20,302.00 3.16%
BNB
$ 232.87 0.76%

Polygon price analysis: MATIC loses bullish momentum as bears target $1.45

Polygon price analysis

TL;DR Breakdown

  • Today’s Polygon price analysis shows a bearish trend
  • The support level for MATIC is present at $1.43
  • The resistance for MATIC/USD is seen at $1.50

Polygon price analysis shows that MATIC prices have not seen significant movement over the past few days, with prices remaining at lows of $1.45. The support level for MATIC is present at $1.42, while the resistance level is seen at $1.75. A break above this resistance could see prices move towards the next level of resistance at $1.80.

However, a continued lack of momentum could see prices retest the support level at $1.42 in the near term. The Polygon price analysis shows it is currently trading at $1.45 after a slight bearish move over the past 24 hours of trading recording a decline of 0.37 percent.

Polygon price analysis reveals that MATIC prices have been hovering around a range of $1.42 – $1.50 over the past few days. However, a continued lack of momentum could see prices retest the support level at $1.42 in the near term. The trading volume for MATIC has remained relatively low over the past 24 hours of trading, with just $674 million worth of MATIC traded. This is a decrease of 22 percent from the previous day’s trading volume. The total market cap for Polygon is currently $11 billion after a slight decline of 0.36 percent over the past 24 hours.

MATIC price action on a 1-day price chart: MATIC undergoes consolidation, possible bullish crossover?

On the 1-day chart for MATIC/USD, we can see that the coin has been on a slight downward trend over the past few days. Prices had risen to highs of $1.75 on March 2nd but have since fallen back down to where they are now trading at $1.45. This latest bearish move has caused the coin to fall below the 100-day moving average. As per Polygon price analysis, the coin is currently trading just above the 200-day moving average. The MACD line has also started to trend downwards, indicating that the selling pressure is increasing.

Polygon price analysis: MATIC loses bullish momentum as bears target $1.45 1
MATIC/USD 1-day price chart, source:TradingView

The 50-day moving average is also acting as strong support for the coin at the moment, and a break below this level could see prices decline further towards $1.30. The RSI indicator is currently showing a neutral reading, however, it could soon turn bullish if prices start to rebound. The market volatility is indicated to be high at the moment according to the ATR indicator. The EMA lines are pointing in a downwards direction, indicating that the bearish trend is likely to continue in the near future.

MATIC price analysis on 4-hour chart: Bearish trend intact, support level present at $1.42

Polygon price analysis on the 4-hour chart we can see that the coin had fallen to lows of $1.42 on March 8th but has since rebounded to where it is now trading at $1.45. This rebound was short-lived as prices have since started to decline again. The support level for MATIC is present at $1.42, while the resistance level is seen at $1.50. A break above this resistance could see prices move towards the next level of resistance at $1.75. However, a continued lack of momentum could see prices retest the support level at $1.42 in the near term.

Polygon price analysis: MATIC loses bullish momentum as bears target $1.45 2
MATIC/USD 4-hour price chart, source: TradingView

The MACD line is currently indicating a bearish trend and the RSI indicator is showing a neutral reading. The EMAs are currently indicating a downwards direction, which suggests that the bearish trend is likely to continue in the near future. The market volatility is high at the moment according to the ATR indicator. Further technical indicators predict a bearish trend in the near term.

The CMF indicator is currently pointing downwards, which suggests that there is more selling pressure than buying pressure in the market at the moment. The Stochastic indicator is also pointing downwards and is currently trading in oversold territory. This suggests that prices could start to rebound soon as the bearish momentum starts to fade.

Polygon price analysis conclusion

Polygon price analysis shows an overall bearish sentiment for MATIC prices. However, If bulls put more pressure they could recover the market as the slight bearish momentum slowly fades. MATIC prices are expected to retest the support level at $1.42 in the near term before they could set upwards after the slight rebound.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records