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Polygon price analysis: Bulls win the battle as the prices prepare to break above the $1.50 handle

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TL;DR Breakdown

  • Polygon price analysis shows a bullish trend
  • Resistance for MATIC prices is present at $1.57
  • MATIC prices have seen firm support at the $1.45 level
Polygon price analysis: Bulls win the battle as the prices prepare to break above the $1.50 handle 1
Cryptocurrencies prices heatmap, source: Coin360

The most recent Polygon price analysis shows the market has finally entered the bullish zone after a long consolidation period. For the past few weeks, MATIC prices have been trading in a very narrow range between $1.45 and $1.50. However, the bulls have now managed to push the prices above the $1.50 level and are currently eyeing a move towards the $1.57 resistance level.MATIC prices are currently exchanging hands at $1.54 and are up by almost 0.37 percent over the past 24 hours.

Polygon price movement in the last 24 hours: MATIC prices prepare to break out

Polygon price movement over the last 24 hours has been mostly bullish as the prices prepare to break out from the $1.57 resistance level. Prices have been hovering around a range of $1.45 and 1.57 as the trading volume is up by 15.20 percent over the last 24 hours. The bulls have now broken out from the $1.50 resistance level and are currently eyeing a move towards the $1.57 resistance level. On the other hand, if the prices fail to break out from the $1.57 resistance level, we can expect a move back towards the $1.50 level.

Polygon price analysis: Bulls win the battle as the prices prepare to break above the $1.50 handle 2
MATIC/USD 1-day price chart, source: TradingView

The MACD indicator is currently in the positive territory, indicating that the bulls are in control of the market momentum. The RSI indicator is also currently trading above the 50 level, which further confirms the bullishness in the market. The Parabolic SAR indicator has generated a buy signal as the prices are currently trading above the $1.50 level.

Polygon price action on a 4-hour price chart: MATIC prices enter a bullish bias trend

The 4-hour price chart for Polygon shows that the prices have finally entered into a bullish trend as the prices move above the $1.50 level. However, the bulls are currently facing some resistance at the $1.57 level. A slight buying pressure is seen around the $1.55 level, which is currently acting as a support level for the bulls. The MACD indicator is currently in the positive territory, indicating that the bulls are in control of the market momentum. The RSI indicator is also trading above the 50 level, which further confirms the bullishness in the market.

Polygon price analysis: Bulls win the battle as the prices prepare to break above the $1.50 handle 3
MATIC/USD 4-hour price chart, source: TradingView

The Bollinger bands are currently bulging outwards, which indicates that a major price move is about to take place in the market as the market volatility is rising. The prices are currently trading very close to the upper Bollinger band, which indicates that the bulls are in control of the market.

Polygon price analysis conclusion

The Polygon price analysis for today shows the market has recently shifted to the bullish zone after a long consolidation period. The bulls have come to control the market momentum as the prices move above the $1.50 level. If the recent buying pressure intensifies, we can expect a move towards the $1.57 resistance level. On the other hand, if the buying pressure subsides, we might see a move back towards the $1.50 level.

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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