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Polygon Price Analysis: MATIC/USD rapidly dashes to $1.5 before retreating

Solana price analysis

TL;DR Breakdown

  • Polygon price analysis is bearish today.
  • MATIC/USD spiked to $1.48 today.
  • Further upside rejected. 

The bearish position of the market was reinforced today after a brief rise to $1.48 earlier today, with the price analysis of the MATIC/USD recording a loss. As a result, we anticipate that MATIC/USD will retreat from some of its advances and look for a higher low in order to resume its climb.

Polygon price analysis
Cryptocurrency heat map. Source: Coin360

Following a 1.21% rise in the price of Bitcoin and a 0.62% decline in the price of Ethereum, the overall cryptocurrency market is trading with mixed results, according to Coin360’s heatmap. Binance Coin, Ripple, and Cardano are among the gainers, while Solana, Polkadot, and Filecoin are among the losers.

Polygon price movement in the last 24 hours: Polygon spikes above $1.47 previous high

The price of MATIC has been on a wild rollercoaster ride during the previous 24 hours, swinging from a high of $1.47 to a low of $1.501. Suggesting considerable volatility over the last day and a half. Trading volume has increased by 29.55% in the last 24 hours.

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

We can see the Polygon price suffering significant rejection in the 4-hour chart after a spike higher, suggesting an impending retracement over the weekend.

Polygon price analysis
MATIC/USD 4-hour chart. Source: TradingView

Following a period of consolidation above $1.05 at the end of September, a solid boost occurred on October 1st.

From there, resistance emerged at $1.35 over the next few days. This week saw a slow retracement, with a swing low of $1.20 established on Wednesday.

Polygon price has been consolidating in a more tight range since then, with no sign of a decline. The consolidation phase ended when Polygon’s value hit $1.32, after which the price climbed rapidly to reach $1.46 just moments ago. MATIC/USD topped out at $1.44 as selling pressure returned with strong momentum, pushing the price down to $1.30 in recent trading.

Polygon Price Analysis: Conclusion 

Today’s Polygon price analysis is bearish, as a fast rise was followed by a lot of selling pressure in the previous hours. As a result, we expect MATIC/USD to retrace over the next 24 hours and establish a higher low.

While waiting for Polygon to move further, read our guides on Best NFT marketplaces, NFT history, and development, as well as NFT Music.

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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