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Polygon price analysis: MATIC prices bearish for the next 24 hours

matic

TL;DR Breakdown

  • Polygon price analysis shows a bearish trend
  • MATIC prices are facing rejection at $1.4
  • Support for Polygon prices is present at $1.3
Polygon price analysis: MATIC prices bearish for the next 24 hours 1
Cryptocurrencies prices heatmap, source: Coin360

Polygon price analysis shows MATIC prices opened the daily trading session trading at $1.40 and have since fallen to their current value of $1.37 at the time of writing. An intraday high was formed at $1.4, in which prices were rejected and have been in a corrective mode since then.MATIC prices have seen major support at $1.3, and the market may find some buying interest here in the near term.

Polygon price analysis for the day shows that the market may remain bearish for the next 24 hours as MATIC prices are facing rejection at $1.4 levels. A daily close below the $1.3 level may see prices retest lows of $1.2 in the near term. Conversely, if buyers push prices above $1.4, we could see an extension of the up move towards $1.5 levels in the near term.

Polygon price movement in the last 24 hours: Bulls struggling to take back control

Polygon’s price has been on a steady decline over the past few days as it trades close to the $1.3 support level. The market capitalization currently stands at $2.22 billion, and the 24-hour trading volume is recorded at $1.58 billion. Polygon prices have been trading between a range of $1.32 and $1.38 over the past 24 hours, with bulls and bears seemingly locked in a stalemate. The market may see a breakout in either direction over the next few days as it trades close to crucial support and resistance levels.

Polygon price analysis: MATIC prices bearish for the next 24 hours 2
MATIC/USD 1-day price chart, source: TradingView

The technical indicators on the daily time frame are mostly bearish as the MACD line is below the signal line, and the RSI indicator is trading close to the oversold levels. However, the Stochastic RSI indicator is in the oversold territory, suggesting that prices may see a corrective rally in the near term.

Polygon price analysis on a 4-hour price chart: corrective rally underway

On the 4-hour timeframe, prices have formed a descending channel pattern as they continue to fall from highs of $1.48. A corrective rally is currently underway as prices test the resistance line of the descending channel. The MACD indicator is bullish on this time frame as the MACD line is above the signal line. The RSI indicator is currently trading at 46, suggesting that there is room for prices to move higher in the near term.

Polygon price analysis: MATIC prices bearish for the next 24 hours 3
MATIC/USD 4-hour price chart, source: TradingView

The key levels to watch for Polygon price are $1.4, $1.5 on the upside, and $1.3, $1.2 on the downside. The Stochastic RSI indicator is in the oversold territory, suggesting that prices may see a corrective rally in the near term. The coin is currently ranking in position 18 while the market dominance is 0.58 percent.

Polygon price analysis conclusion

Polygon prices have been on a steady decline over the past few days, trading close to the $1.3 support level. The market may remain bearish for the next 24 hours as MATIC prices are facing rejection at the $1.4 level. A daily close below the $1.3 level may see prices retest lows of $1.2 in the near term. Conversely, if buyers push prices above $1.4, we could see an extension of the up move towards $1.5 levels in the near term.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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