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Polygon price analysis: MATIC/USD is bearish for the next 24 hours

Polygon price analysis

TL;DR Breakdown

  • Polygon price analysis is bearish today.
  • The market opened at $1.3 today, compared to yesterday’s price of $1.35.
  • Polygon is currently trading at $1.4. 

Polygon price analysis: General price overview

Polygon is bearish today, but only by a small margin. The market opened at $1.3 today, compared to yesterday’s price of $1.35, a slight loss in value for Polygon investors. Today the trading volume was the highest it has been all month, which should have brought up the price of Polygon but didn’t manage to do so by much.

Today’s opening price was $1.3, closing at $1.34, and the high of the day was $1.4shows that past resistance is acting as support right now, but we can’t know for how long. Furthermore, the trading volume increased from 576 to 3161, which shows past demand for Polygon, so perhaps with this increase of trading volume, Polygon will finally break the $2.00 ceiling it’s been bumping into for weeks now.

We may retrace some losses into our first TP at $0.90. However, any long positions taken in this area must be kept tight because there is the potential for additional selling pressure after price rejection.

The daily trend for MATIC/USD is improving today. This morning, MATIC briefly rose to $1.44 before being rejected and retreating towards a support level at $1.20. We expect a break under here will set bear objectives in line with most other cryptocurrencies markets, which have been turbulent throughout October following fairly stagnant trading last month.

MATIC/USD 4-hour chart: MATIC set to retrace?

Polygon price analysis: MATIC/USD is bearish for the next 24 hours 1

MATIC/USD 4-hour chart. Source: TradingView

The price of a Polygon has recently been increasing, with the uptrend gradually resuming. On October 1, after ending the month at $1.05 on September 30, the market soared the next day by a significant margin.

MATIC reached $1.45 before retreating and staying mainly under the $1.30 mark for the following eight days. It ended October 9 where it started, at $1.05 once again, but on October 10 began climbing sharply from there to a high of $1.44 today, where it was met with resistance and retreated slightly after.

Polygon Price Analysis: Conclusion 

Polygon’s market as a whole has been ramping up recently. We anticipate prices to rise even more over the next seven days, but there is little margin for error with prices approaching $1.90 now, which we don’t think is possible based on our prior research. A close below $0.90 will open up further falls into supports at $0.75. This recent uptrend will likely continue, but downward price pressure should be expected in the meantime to test the strength of the market’s current supports.

The market is bullish today after closing at $1.34 yesterday and opening at $1.42, reaching a high of $1.46 before returning o around $1.42 at the moment.

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