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Polygon Price Analysis: MATIC at $1.20 support, set for a drop today?

Polygon price prediction

TL;DR Breakdown

  • Polygon price analysis for the next 24-hours is bearish.
  • The current price of the coin is down by 0.53%, at $1.17.
  • In the last 24-hours, MATIC/USDT rose to the highest, $1.16, the lowest being $1.03.

Polygon price analysis for today is bearish as the coin is currently below the resistance at $1.145. The bulls were not able to break above this resistance level. The rising selling pressure shows that the price of the coin is down by 0.53%. Although, we can see that the price of Bitcoin has strengthened on the 4-hour chart at $43K. Bitcoin retested the $41K price level quite a number of times in the past weeks.

A continuous upward journey for the king of cryptocurrencies suggests that the bearish trend will be over if Bitcoin continues to move towards the $50K level. If BTC hits further resistance levels, we can expect the entire altcoins market to surge to newer heights as well. Market experts claim that until BTC is above the $40K price level, the month of October remains bullish.

The precious data extracted from Coinmarketcap indicates that MATIC/USDT has experienced a 3.02 percent decrease in trading volume as the cryptocurrency is down by 3.02%. The market dominance rate of Polygon is 0.39 as the market cap dropped by 0.67. This data makes it clear that the current Polygon price prediction is bearish, and if the trend is supported by sell-off, we might see lower prices.

Polygon price prediction: Technical indicators on the 4-hour chart

Polygon price prediction for the next 24 hours seems to be quite volatile as the position of Bitcoin remains uncertain. Every trader needs to analyze the current data before putting their orders.

Price action has penetrated below the key Moving Averages on the 4-hour chart as the 50-day and 100-day Moving Averages have taken on a bearish posture. The 50-day and 100-day Moving Averages act like two sides of the same coin for the price action, sometimes as resistance and sometimes as support.

The price action is processing towards the neutral point of the Bollinger Bands, meaning the volatility of the MATIC/USDT pair has decreased as the bands become narrower. This neutrality means that volatile action will take place soon.

Polygon price prediction
Polygon price prediction on the 4-hour chart by TradingView

The MACD indicator consists of two lines that indicate the position of the bears and the bulls and which side is winning. The condition is still bullish in the 4-hour chart below as the MACD line is above the signal line. This indicates that the price of the coin might take a bullish turn in the short term.

The Relative Strength Index reads a value below 50. This gives a hint that the price movement has acquired a bearish outlook for the Polygon price prediction. The gradient of the RSI line is negative, which further shows that the bulls are losing their dominance.

Polygon Price Analysis: MATIC at $1.20 support, set for a drop today? 1
Polygon price prediction on the 4-hour chart by TradingView

Conclusion

Today’s Polygon price prediction’s conclusion is bearish as BTC stabilizes at the $43K price level. If the price action continues, we can expect the prices to surge in the short term. For a long-term price analysis of Polygon (MATIC), you need to check out the Polygon Price Prediction.

Other cryptocurrencies in the market have also performed quite well in the short term as Bitcoin rises. The biggest price surges include dYdX and other DeFi projects. It is being said that as China crackdown strengthens, these DeFi coins will perform better in the short as well as the long terms. Polygon is one of those fundamentally sound coins that are perfect for holding.

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.
Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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