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Polygon price analysis: MATIC value increased by 6%

Polygon price analysis: MATIC value increased by 6%
TL;DR Breakdown
  • Polygon price analysis is bearish today.
  • The strongest resistance is present at $1.
  • The strongest support is present at $0.7.

Polygon price analysis reveals that the cryptocurrency has been following a bearish trend displaying further opportunities for reversal activities, with the price of MATIC/USD moving under the $0.82 mark. On July 26, 2022, the cost of Polygon experienced a flash crash and reached $0.74, but it further increased to $0.0.801, which is the current price of Polygon, today, on July 27, 2022.

The market dynamic appears to be strongly bearish. The Polygon has been up 6.02% in the last 24 hours, with a trading volume of $916,221,068. Polygon currently ranks #464 with a live market cap of $6,443,119,372.

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MATIC/USD 4-hour price analysis: Latest developments

Polygon price analysis reveals the market’s volatility illustrates significant decreasing characteristics. The price of MATIC/USD that is subject to change will change as the volatility fluctuates to either extreme; before that, the cost of Polygon will remain stable and around the respective support and resistance values. As of now, the Polygon price appears less prone to volatile change. As a result, the Bollinger’s band’s upper limit is at $0.902, which serves as the strongest resistance for Polygon. Conversely, the lower limit of the Bollinger’s band is available at $0.710, which represents the strongest support for Polygon.

The MATIC/USD price appears to be crossing over the curve of the Moving Average, indicating a bullish trend. Nevertheless, the Polygon price seems to move downward, making the cryptocurrency track a decreasing movement regarding its trading price. As a result, the price is set to break the support and reverse the market.

image 280
MATIC/USD 4-hour price chart Source: TradingView

Polygon price analysis reveals that the Relative Strength Index (RSI) is 48, indicating that the cryptocurrency falls in the central neural category, not showing signs of devaluation or overvaluation. Furthermore, the RSI path appears to be following a linear direction indicating that the price of Polygon is experiencing a consistent value. The RSI score remains dormant because of the equivalence of buying and selling activities.

Polygon price analysis for 1-day

Polygon price analysis reveals the market’s volatility following a decreasing trend, meaning that the price of MATIC/USD will follow the volatility into becoming less prone to experience volatile change. Furthermore, the upper limit of the Bollinger’s band is available at $1, which serves as the strongest resistance for Polygon. Conversely, the lower limit of the Bollinger’s band is present at $0.492, which serves as a support point for Polygon.

The MATIC/USD price appears to be crossing under the curve of the Moving Average, signifying bearish momentum. Bears control the market for now and are likely to lose control as the odds stack against their favor; however, the market shows further positive opportunities as the price moves upwards towards the resistance band and might cross the moving average soon.

image 281
MATIC/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) is 56, indicating that the cryptocurrency is stable and falls in the central neutral region. The RSI path appears to follow a slightly upward direction, indicating an increasing market and movement towards further increasing dynamics. The RSI score increases as the buying activities exceed the selling activities.

Polygon Price Analysis Conclusion

Polygon price analysis has deduced that the bears control the market with the massive opportunity for further bullish activity. Although the market appears to show potential for a reversal, we can’t be sure if it will happen. However, the breakout could be a silver lining for the Polygon cryptocurrency, as their market is engulfed in bearish dominion. The bulls could be the new victors of the market in the near future.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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