- Polygon price analysis is bullish for today.
- MATIC/USD saw further gains overnight.
- The support found above $1.20.
The price analysis of Polygon is favorable for today, as the market continued to fall, this time MATIC/USD bounced back from the $1.1 mark to the $1.2 support. Before demonstrating bullish reaction indicators thereon. As a result, we anticipate MATIC/USD to rise later today and regain previous major support at $0.60.
Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.
Polygon price movement in the last 24 hours: Polygon retraces to $1.20 support
MATIC/USD traded in a range of $1.19 – $1.244, indicating strong volatility over the last 24 hours. The trading volume has increased by 8.46 percent and totals $1.19 billion, while the total market capitalization trades around $7.65 billion, ranking the coin in 21st place overall.
MATIC/USD 4-hour chart: MATIC look to return above $1.30
On the 4-hour chart, Polygon’s price is beginning to move back towards the $1.40 previous major support.
MATIC/USD 4-hour chart. Source: TradingView
Polygon’s price action has been in the red for several weeks. After a powerful rise to $1.35 at the start of September, an equal-sized retracement followed on September 7th.
After testing the psychologically $1.00 resistance in early July, Polygon found support above $1.3 and remained stagnant for more than a week around that level, with the $1.200 resistance eventually established. Polygon has been on a continuous decline since then, tracking below the $1.4 support last week before breaking lower.
Recovery of the price is imminent. Prices will rise once again and can be expected to find support at $1.4, if not higher due to the presence of bullish signals on the at-the-time mentioned 4-hour chart.
The daily chart also demonstrates a recovery: The RSI indicator had been trending lower, suggesting recovery of the price is imminent. Prices will rise once again and can be expected to find support at $1.250, if not higher due to the presence of bullish signals on the at-the-time mentioned 4-hour chart. on August 31st, an increase in selling volume caused the RSI indicator to trend lower, indicating bearishness.
Polygon Price Analysis: Conclusion
The $1.20 mark has proved as solid support for the bulls, and the market continued its decline today, with another minor shift downwards. We anticipate that MATIC/USD will rise higher and perhaps revisit the $1.30 major level after further selling was rebuffed.
While waiting for Polygon to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.
Polygon is Getting Loaded, MATIC Price May Hit $3 Soon!
The crypto markets have initiated an uptrend over the past couple of days. After the asset experienced a massive drain in the past weekend, most of the altcoins including Bitcoin ranged high. Polygon price also underwent a notable jump and ranged nearly 50% in the past 4 to 5 days. Continuing with the same pace, the MATIC price could hit $3 to end the trade for the year.
The asset ever since it flipped the bearish divergence accumulated huge buying volume that assisted the price to test one of the mandatory resistance levels. However, the asset is still testing these levels and trying to flip them into the support levels. The uptrend may be confirmed once the price slices through $2.2 levels and also settles above it.
MATIC Price Ready For Massive Bull Run
The MATIC price in the short term has rallied remarkably to pierce through the resistance levels. However, a slight pullback could be on the horizon as the technicals suggest the asset is heading towards the exhaustion phase. The MACD and the RSI, both are currently bullish, yet could flip into bearish divergence soon.
However, in the long term, the asset appears extremely bullish, ready to discover new highs beyond the ATH close to $3. The asset broke through the symmetrical triangle and marched towards the north to clear the $2.1 resistance levels. However, experiencing slight exhaustion, the MATIC price could drop a bit, forming the handle of the cup.
Therefore a retest towards the immediate support levels around $1.83 seems to be much possible which may be short-lived. However, after retesting the support levels, the next leg up may breach through the ATH to discover new highs beyond $3. The upcoming MATIC price rally could be more intensifying as the volume stand raised more than 145%, with a buying pressure at the higher side.
Polygon (MATIC) Rallies 15% Defying the Broader Crypto Market Slowdown, Here’s Why
MATIC, the native cryptocurrency of Ethereum’s Layer-2 scaling solution Polygon, has shown a strong move recently despite the broader crypto market moving sideways. In the last 24-hours, the MATIC price has rallied 15% moving all the way to $2.20.
With this move, MATIC has also extended its weekly gains to more than 20%. The recent price rally in Polygon (MATIC) comes on the backdrop of a multitude of different factors.
21Shares To Issue Polygon ETP
21Shares, a cryptocurrency exchange-traded product (ETP) issuer announced on Wednesday, December 1, announced that it will be launching a Polygon ETP on Euronext exchanges in Paris and Amsterdam.
The ETP will track the performance of Polygon’s native cryptocurrency MATIC. As of now, 21Shares boasts 20-crypto ETPs. Earlier this year, it also announced a crypto ETP tracking the performance of Ethereum-killer Solana (SOL).
For the launch of its Polygon (MATIC) ETP, the firm has partnered with U.K.-based infrastructure provider Copper who will be offering custodial and staking requirements.
IDEX to Launch Hybrid Liquidity DEX on Polygon
San Francisco-based decentralized exchange IDEX will be launching a new v3 Hybrid Liquidity DEX on Polygon. This hybrid model will merge the traditional order book functionality along with other automated market makers’ (AMM) liquidity pools.
This will help in introducing typical investing tools such as stop losses, limit orders, and real-time execution. Besides, it will also bring in higher financial returns for liquidity providers.
IDEX said that the major reason for choosing Polygon is its lower transaction costs. It noted that the transaction cost on Polygon is typically “10,000–100,000 times cheaper” than on Layer 1 Ethereum blockchain. Speaking of this development, IDEX CEO Alex Wearn said:
“DeFi has been hamstrung by issues like gas prices, front-running and slippage since its inception, yet few solutions have truly offered answers to these problems. The novel Hybrid Liquidity design protects users from these pain points, while simultaneously generating higher returns for liquidity providers to boost the scalability of the wider decentralized economy.”
Furthermore, Polygon also announced that it will be hosting the “zk Summit” next week on December 9. It added: “Polygon is focusing on ZK cryptography as the most promising solution for scaling #Ethereum. Witness the live demos of this technology during the action-packed summit”.
Polygon (MATIC) Analysis: Will MATIC cross above the $2 mark?
- MATIC is currently trying to gain back its bullish momentum falling due to market correction a couple of days ago
- The current market price of MATIC has been up by 9.94% over the past 24 hours
- Its monthly performance has been down by 10.97%
Polygon, or MATIC, has been suffering from a bearish trend for quite a long time. The token with a current market rank of 19 and market dominance of 0.47% observed a steady rise in its price on November 29 for a whole day. After achieving a local breakout, the token then descended 20% of what was achieved the day earlier for a steady position in the market. The market cap of MATIC is now 2.35% greater than it was a couple of hours before. The trading volume registered an increment of 37.02%. The MATIC/BTC pair enjoyed a surge in its value by 2.68%. Meanwhile, the MATIC/ETH pair was downgraded by 1.31% during the intraday session.
The 30-minute chart above explains the current short-term scenario of MATIC. Its current climb can only be dubbed an attempt because the current value has come down to $1.73 from $1.87 in a single day. However, one can hope for a better tomorrow as the trend lines (white lines) drawn at the top and bottom of the current trend candles hints at a continuous bullish trend in the future. At first, the 30 MA line resists the climb, but the 100 MA line has been seen running upward to support the current price action.
MATIC’s current rally get a hand of support from the oscillators
MATIC fell prey to the volatility in the last week and gave breakouts and low settling results. The 4-hour chart shows the current position of the token concerning its past long-ranged data. The MACD line is above the zero level, and the signal line, hence the token, looks bullish. But the MACD line has formed a curve and may go down by a level or two if a dip occurs. The RSI graph stays in the neutral zone with a possibility of getting into the overbought zone.
The resistance is at $1.88 and $1.99. The support levels are present near $1.49 and $1.65.
Conclusion- MATIC is proposing a better upclimb after suffering from volatility and disturbance in its market price. One can consider MATIC at its current market value for a buy or wait for its price to drop further to enter the market. However, after the dip, one should conduct research and analysis on the token again to look out for any abnormal symptoms or trend reversals.
Resistance- $1.88 and $1.99
Support- $1.49 and $1.65