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Polygon price analysis: Bearish spell sets MATIC prices trading at $1.48

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TL; DR Breakdown

  • Polygon price is bearish today.
  • MATIC prices have sought support at $1.45.
  • Polygon prices could retest $1.48 if the current bearish sentiment persists.

Polygon price analysis reveals that MATIC prices are currently in a bearish spell as prices have sought support at $1.45. The current market sentiment is bearish, and if this persists, Polygon prices could retest lows of $1.48.Resistance for MATIC/USD pair is seen at the $1.60 and $1.70 levels, while the immediate support for the MATIC/USD pair is seen at $1.48, and a break below this level could see prices retesting lows of $1.45. The next level of support is seen at $1.40. On the other side, resistance is seen at $1.60, and a break above this level could see prices rallying to $1.70.

The Polygon prices have been trading between $1.45 and $1.50 for the past few hours with no clear direction.MATIC trading volume is seen to be picking up as the 24-hour volume stands at $2,609,628.MATIC/USD is currently dominating 0.61 percent of the total digital assets market, ranking 16 overall. Bears seem to have countered any bullish momentum, so the bulls will have to wait for a breakout to retake control.

Polygon price analysis on a 1-day price chart: MATIC prices prepares for a bullish trend as bears seem to be exhausted

MATIC prices have been on a downtrend since the beginning of the month as they reached an all-time high of $2.48 on May 8. Since then, there has been a consistent sell-off that has seen prices retrace to current lows of $1.45.However, MATIC prices are expected to adopt a bullish trend as the prices seem to be in consolidation before a break out upwards.

Polygon price analysis: Bearish spell sets MATIC prices trading at $1.48 1
MATIC/USD 1-day price chart, source: TradingView

The 200 simple moving average has acted as dynamic support for the MATIC prices, and it is currently trading marginally above this support. The 50 simple moving average is also providing some support as bulls try to take control of the market from bears. The Relative Strength Index period 14 is level 56, indicating no clear direction as the market is indecisive. The MACD line is residing on the signal line, indicating that there is no clear direction for the market.

Polygon price action on a 4-hour chart: Bears stumble as bulls are eying to breach the current bearish spell

The 4-hour price chart for Polygon reveals that prices are currently trading in a descending channel formation as prices swing between the highs of $1.70 and lows of $1.48. The current market sentiment is bearish, and if this persists, we could see prices retesting lows of $1.48. The 50 simple moving average is seen to be providing some support as bulls try to take control of the market from bears.

Polygon price analysis: Bearish spell sets MATIC prices trading at $1.48 2
MATIC/USD 4-hour price chart, source: TradingView

The Relative Strength Index period 14 is level 45, indicating that there is no clear direction as the market is indecisive. The MACD line has crossed the signal line to the downside, which is a bearish signal indicating that the current market sentiment is bearish. Polygon price analysis on the 4-hour chart reveals the market volatility is high, and any significant price movement could see prices rallying to $1.70 or retesting lows of $1.48.

Polygon price analysis conclusion

Polygon price analysis reveals that prices are currently in a bearish spell as prices have sought support at $1.45. The current market sentiment is bearish, and if this persists, Polygon prices could retest lows of $1.48. On the other side, resistance is seen at $1.60, and a break above this level could see prices rallying to $1.70.However, Bears are getting exhausted as the price is recovering, showing some slight upward trend as the bulls are trying to recover the market.

For a deeper perspective on Polygon prices, you may view our long-term Polygon price predictions here as well as other price predictions.

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.

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.

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