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Polygon Price Analysis: MATIC finds support at $1.25, ready for more upside?

Polygon Price analysis

TL;DR Breakdown

  • Polygon price analysis is bullish today.
  • MATIC/USD retested $1.25 as support.
  • Bulls are ready to push higher.

Polygon price analysis is bullish today as a higher low was set at the $1.25 support yesterday, with bullish momentum taking over since. Therefore, we expect MATIC/USD to continue higher over the next 24 hours.

Polygon Price Analysis: MATIC finds support at $1.25, ready for more upside? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin increased by 5.38 percent, while Ethereum was up by 4.02 percent. Meanwhile, Dogecoin (DOGE) is among the best performers, with almost a 12 percent gain.

Polygon price movement in the last 24 hours: Polygon finds support at $1.25

MATIC/USD traded in a range of $1.24 -$1.34, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.27 percent and totals $768 billion, while the total market cap trades around $8.8 billion, ranking the coin in 21st place overall.

MATIC/USD 4-hour chart: MATIC looks to break higher?

On the 4-hour chart, we can see bulls pushing the Polygon price action higher again, indicating that we could see further higher highs reached today.

Polygon Price Analysis: MATIC finds support at $1.25, ready for more upside?
MATIC/USD 4-hour chart. Source: TradingView

Polygon price action has seen bullish momentum return this month. After spending the end of September, in an increasingly tighter consolidation range, with the $1.05 mark as the support, a new major swing low was set.

What followed was bullish momentum gaining ground again on the 1st of October. The previous swing high of $1.25 was quickly reached, and, after some hesitation, breached.

On the 2nd of October, another quick spike higher took the Polygon price to $1.36 new several-week high. The following retracement retested the $1.25 mark as a support, with further downside rejected, indicating that bulls will continue higher.

Polygon Price Analysis: Conclusion 

Polygon price analysis is bullish as a new higher low was set above $1.25, and the market has moved higher since. Therefore, we expect bulls to push MATIC/USD higher over the next 24 hours and likely set another higher high.

While waiting for Polygon to move further, read our guides on Mycelium Wallet, Next Cryptocurrency to Explode in 2021, as well as our BitMEX review.

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.

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