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Polygon price analysis: VET trade in a sideways channel as prices consolidate around $1.05

Polygon price analysis
TL;DR Breakdown
  • Polygon price analysis shows a bullish bias trend
  • MATIC prices have sought support at $1.02
  • Polygon prices are facing resistance at the $1.07 level
image 90
Cryptocurrencies prices heatmap, source: Coin360

Polygon price analysis reveals MATIC prices opened today’s trading session trading at lows of 1.0215 before the prices surged to highs of 1.0752 in the early hours of the session prices have corrected lower and are currently trading at around 1.052 as bulls and bear battle for control of the market. Polygon prices have sought support at the $1.02 level and are currently trading in a sideways channel between $1.05 and $1.052 with a bullish bias.

The trading volume for MATIC has increased today and is currently at around $682million which is higher than the 30-day average volume of $385 million. The key juncture for Polygon prices will be the $1.07 resistance level which if breached could see prices target the $1.10 and $1.12 levels. On the other hand, a move below the $1.02 support level could see Polygon prices target the $0.98 and $0.96 support levels. As of now, MATIC prices are hovering just around $1.05 as bears and bulls battle for price control.

MATIC price action on a 1-day price chart: Bears and bulls battle for control of the market

Polygon price analysis on a 1-day price chart reveals a sideways channel between $1.05 and $1.052.The RSI for MATIC is currently at 55 which indicates that the market is neither overbought nor oversold indicating sideways price action in the near term. The MACD for MATIC is currently in a bullish crossover as the 12-day EMA (blue line) crosses above the 26-day EMA (red line). This indicates that the trend is currently bullish.

image 88
MATIC/USD 1-day price chart, source: TradingView

Overall, Polygon price analysis shows that MATIC prices are facing resistance at the $1.07 level and if breached could see prices target the $1.10 and $1.12 levels in the near term. The current buying and selling action in the market has resulted in an increase in the market volatility as indicated by the bulging Bollinger bands. The upper band is currently at 1.0752 and the lower band is at 1.0215. A move outside of the Bollinger bands could see prices target the $1.08 and $1.09 levels in the near term.

MATIC price action on a 4-hour price chart: Prices consolidate in a sideways channel

Polygon price analysis on a 4-hour price chart shows a possible breakout from the sideways channel between $1.05 and $1.052. The RSI for MATIC is currently at 59 which indicates that the market is neither overbought nor oversold indicating sideways price action in the near term. Bullish signs are visible as the MACD for MATIC is currently in a bullish crossover as the 12-day EMA (blue line) crosses above the 26-day EMA (red line). This indicates that the trend is currently bullish.

image 89
MATIC/USD 4-hour price chart, source: TradingView

The Bollinger bands indicator on the 4-hour timeframe indicates increased market volatility as the upper band is currently at 1.0752 and the lower band is at 1.0215. The bulls seem to have the upper hand as most of the technical indicators are giving bullish signals.

Polygon price analysis conclusion

Polygon price analysis for today suggests that Polygon prices are currently in a bullish trend as indicated by the MACD crossover and the RSI indicator. The bulls will need to put more pressure on the prices to break out of the $1.07 resistance level and target the $1.10 and $1.12 levels in the near term. On the other hand, bears shave come up to counter any upward movement and a move below the $1.02 support level could see Polygon prices target the $0.98 and $0.96 support 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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