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Polygon price analysis: MATIC prices surge by 1.0% amid bearish winds

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TL;DR Breakdown

  • Polygon price analysis is bullish today.
  • Resistance for MATIC is currently at $1.5
  • The support is present at $1.30
Polygon price analysis: MATIC prices surge by 1.0% amid bearish winds 1
Cryptocurrencies prices heatmap, source: Coin360

Today’s Polygon price analysis indicates MATIC price is $1.46, with $920,277,392 USD in 24-hour trading volume. In the previous 24 hours, Polygon has gained 1.49 percent. Polygon’s market capitalization is currently at $11,374,355,844 and ranks #16 in the larger cryptocurrency market. The cryptocurrency is currently facing resistance at the $1.48 mark, but the support is present at $1.37. The current market sentiment seems to be bullish biased as bears are trying to come in to push prices down. However, the bulls seem to be stronger at the moment as they are pushing prices up.

The cryptocurrency has seen a steady increase in price since late February and reached an all-time high of $1.63 on March 13th. However, since then, the price has been on a slight decline and is currently testing the $1.37 support. If this support level holds, we could see the price rebound and continue its upward trend. However, if the support level fails to hold, we could see the price drop further to test the next support level at $1.30. Overall, the current market sentiment is bullish and we may see the price continue to rise in the short term.

Polygon price analysis on a 1-day price chart: Bears and bulls battle for control 

The MATIC price analysis on a 1-day price chart reveals a bullish market sentiment that has seen MATIC prices hit the $1.44 mark. The SMA 50 is currently at the $1.41 mark while the SMA 200 is at $1.37, which indicates that the market is in a strong uptrend as both moving averages are well above the current price.

The Fibonacci retracement level of 61.8 percent between the high of $1.64 on April 18 and the low of $1.37 on May 16 reveals that the market is currently facing strong resistance at the $1.48 level. The market will need to see a breakout past this point for prices to continue rising towards the next Fibonacci retracement level of 78.6 percent, which lies at the $1.54 mark.

The moving average (MA) line in the 1-day price chart is at $1.42, which is well above the current market price. This indicates that there is still space for prices to continue rising towards the resistance at $1.48 before any pullback or reversal takes place.

Polygon price analysis: MATIC prices surge by 1.0% amid bearish winds 2
MATIC/USD 1-day price chart, source: TradingView

The Relative Strength Index (RSI) on the 1-day time frame is currently at 61.85 and is slowly rising, which indicates that there is still some room for prices to continue rising before any possible bearish divergence takes place. The MACD on the 1-day chart has just had a bullish crossover and is currently rising, which indicates that the bulls are in control of the market at the moment. Conversely, the Bollinger bands indicators on the 1-day time frame are currently in a squeeze, which indicates that a breakout is likely to take place in the near future.

Polygon price action on a 4-hour price chart: Recent developments and further technical indications

The 4-hour Polygon price analysis shows shifting to a bearish state whereby the bears are still pulling hard on their side as the chart indicates a downward movement. The relative strength index is pointing downwards towards the 50 indexes while the Bollinger bands have opened up to allow for more downward movement as the market continues to fall. The RSI line is currently at 48.67 and is still falling, which indicates that there is still some room for prices to fall before any possible bullish divergence takes place.

Polygon price analysis: MATIC prices surge by 1.0% amid bearish winds 3
MATIC/USD 4-hour price chart, source: TradingView

The reversal in the trends was quite unexpected. the signal line of the MACD indicator is slightly over the MACD line which shows that selling securities is the better option. The bearish reversal pattern is not being confirmed by the candlesticks as they have not formed a bearish engulfing pattern. The 4-hour timeframe is where short-term traders take their positions and it seems that they are cautious at this point and are holding on to their assets.

Polygon price analysis conclusion 

The overall market sentiment for MATIC prices is bullish with the price facing a resistance of $1.48 and the support present at $1.37.The bears have however been adamant in pushing the prices below the current area in the short term. Traders should wait for a clear trend reversal before taking any positions in MATIC. However, in the long term, the market looks bullish as the bulls have the upper hand before the potential breakout past $1.48 takes place.

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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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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