Polygon price analysis shows price forming a bullish turnover after consecutive days of stagnancy since a pull back 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 price. The current support level at $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.
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.
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.
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