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Polygon price analysis: MATIC breaks out from horizontal trend to target $0.74 resistance

Polygon price analysis

Polygon price analysis shows price forming a bullish turnover after consecutive days of stagnancy since a pullback on May 18, 2022. MATIC rose more than 6 percent during the day, to move as high as $0.69 to break the bearish trend. Price will now target resistance at $0.74, where short-term traders may initiate sell-offs to correct the price. The current support level of $0.45 will move up to $0.60 as price consolidates. To further support the bullish thesis, MATIC trading volume rose more than 26 percent to signal a healthy market valuation in line with upward price movement.

The larger cryptocurrency market also posed significant recoveries across the board, as Bitcoin consolidated to approach the $30,500 mark. Ethereum also rose above $2,000 with a 4 percent uptrend. Among major Altcoins, Cardano moved 3 percent upwards to reach $0.55, similar to Ripple’s move up to $0.42. Dogecoin rose 3 percent to $0.08, while the Binance token soared over 6 percent to reach $334. Solana incurred a 4 percent increment to move up to $53.91, while Polkadot recorded a 5 percent rise to reach $10.60.

Screenshot 2022 05 23 at 8.51.28 PMPolygon price analysis: Cryptocurrency heat map. Source: Coin360

Polygon price analysis: Bullish divergence appears over 24-hour price action

On the 24-hour candlestick chart for Polygon price analysis, price can be seen forming a steady rise over the past 3 days to break away from a horizontal trend around the $0.6 mark. Since facing rejection at $0.71 on May 18, 2022, price breached that mark for the first time over today’s price action and is expected to make headway towards the second resistance zone at $0.8. The current trend sits at the crucial 50-day exponential moving average (EMA), which has lowered down to $0.68 over recent price stagnancy. However, this decline opens up doors for MATIC to breakaway from the EMA and push the demand zone upwards.

MATICUSDT 2022 05 23 23 33 25

Polygon price analysis: 24-hour chart. Source: Trading View

Relative Strength Index (RSI), a bullish divergence is present over recent price action, as the RSI fell to oversold levels while price recorded no significant retracement. The MACD oscillator also diverged bullishly as the signal line crossed above the histogram to form a green candlestick. This move indicates that buyers

The 24-hour Relative strength index (RSI) is also exhibiting increasing market valuation at 37.09 and is expected to swiftly head upwards. In addition, the 26 percent rise in the 24-hour trading volume shows the market is generally bullish for MATIC at current trend. The thesis is further enforced by a bullish divergence formed by the moving average convergence divergence (MACD) curve that is forming lower highs above the neutral zone.

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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