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Polygon price analysis: MATIC prices surge by 2 percent

Polygon price analysis
TL;DR Breakdown
  • Polygon price analysis shows a bullish trend
  • Support for MATIC is present at the $1.40 mark.
  • $1.45 marks the resistance for MATIC today

Polygon price analysis reveals MATIC prices have been trading in a bearish trend but a break out in the previous 24-hours has been witnessed with the bulls continuing to show dominance posing more buying pressure in the market. Polygon prices have seen a price surge of 3.08 percent as the prices hover above the $1.45 mark. 

MATIC is now selling at $1.45 and the altcoin is now ranking #18 in the larger market where Bitcoin and Ethereum lead with bullish momentum and are selling at $41,360.97 and $3,094.04 respectively.USDT follows with a 0% change in price. This clearly shows that bulls have taken over the market significantly today 

Polygon price analysis: MATIC prices surge by 3.08% as bulls heighten their grip 1
Cryptocurrencies prices heatmap, source: Coin360

Polygon price analysis 4-hour price chart: MATIC prices prepare to break key resistance of $1.5

Polygon price analysis on the 4-hour timeframe shows that MATIC prices have formed a bearish candlestick pattern known as the “hanging man.” This pattern has typically been seen as a reversal signal in markets, and if confirmed, could lead to a move lower towards the $1.2 level. However, given the recent strength in Polygon prices, there is a possibility that this pattern could be a false signal and that prices could continue to move higher.

Polygon price analysis: MATIC prices surge by 3.08% as bulls heighten their grip 2
MATIC/USD 4-hour price chart, source: TradingView

The technical indicators are currently giving mixed signals. The RSI is in overbought territory and has started to turn lower, which could be a sign that prices are ready to correct lower. However, the MACD is still moving higher and has not yet shown any signs of reversal. The ATR has also started to increase, which could be a sign that price volatility is about to increase.

Polygon price action on a 1-day price chart: MATIC prices form a “bullish engulfing” candlestick pattern

On the 1-day timeframe, Polygon prices have formed a “bullish engulfing” candlestick pattern. This is a bullish reversal signal that could lead to a move higher toward the $2.0 level. The technical indicators are currently giving mixed signals. The RSI is in overbought territory and has started to turn lower, which could be a sign that prices are ready to correct lower. However, the MACD is still moving higher and has not yet shown any signs of reversal. The ATR has also started to increase, which could be a sign that price volatility is about to increase.

Polygon price analysis: MATIC prices surge by 3.08% as bulls heighten their grip 3
MATIC/USD 1-day price chart, source: TradingView

Polygon price analysis conclusion 

Polygon price analysis reveals a bullish signal as MATIC reads more upside could be reached soon if the current trend prevails. That could be possible if the overbought area is reached and the reversal happens. If the pattern is not a false signal, a move towards $1.2 is expected as the market corrects itself.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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