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

Polygon price analysis

TL;DR Breakdown

  • Polygon price analysis shows price rose more than 6 percent over past 24 hours
  • MATIC broke away from persistent sideways trend to target $0.74 resistance
  • 24-hour trading volume rose 27 percent in line with price movement

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.

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Polygon 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.

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

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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