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MATIC retraces to $1.4000, bulls attempt to regain momentum

Cryptopolitan


TL;DR Breakdown

  • Today’s polygon price analysis will trade bearishly
  • MATIC/USD pair recorded a daily range of  $1.4020 – $1.4500

Today’s polygon price analysis will trade bearishly over the next 24 hours, with sellers persistently pushing the market downwards to lower daily highs.  Therefore, we anticipate recording further downsides on the daily  MATIC/USD chart as the bulls attempt to hold support at the $2.46 mark.

The general cryptocurrency market recorded mixed results on the 24-hour candlesticks, with Bitcoin losing 1.71 percent of its value. Ethereum recorded a 0.44 percent gain while Solana turned out as the best performer of the day with a record 20 percent gain.

Polygon price movement in the last 24 hours: Polygon slowly retraces

According to our daily Polygon price analysis, the MATIC/USD pair recorded a daily range of  $1.4020 – $1.4500, indicating a moderate amount of volatility over the last 24 hours. The total Trading volume in the Polygon market has increased by 26.34 percent and sums to $1.15 billion. Data from Coin Market Cap suggests Polygon’s total market capitalization trades around $9.47 billion, ranking MATIC 19th place overall.

MATIC/USD 4-hour chart: MATIC targets the $1.70

On the Polygone price analysis 4-hour candlesticks, we can observe MATIC price action continuing to decline over the last 24 hours and now struggling with bears below the $1.500 minor support.

MATIC/USD 4-hour chart. Source: TradingView

Polygon price action has moved upwards with strong bullish momentum over the last several weeks. Measuring retracement from the last significant swing low at $1.02, Polygon has surged by approximately 200 percent as the coin reached $1.97 on August 26.

From the late August swing high, buyers might have felt exhausted, and a downtrend correction followed within the next few days, where the bulls built support at the $1.64 previous all-time high resistance; presently, this mark is once again acting as a price barrier between the press time price and the upper $1.90 target. On Friday, MATIC rallied again, this time setting a high at $1.70.

Since, Polygon price action has gradually moved to the downside, finding fresh lower highs over the weekend. Today bears are controlling the market action, and we urge traders to prepare for further downsides in the course of the day. 

Polygon Price Analysis: Conclusion 

Polygon price analysis is bearish on the 24-hour candlesticks as market conditions continue to tighten, favoring the bears. Since the market set a higher low, we anticipate MATIC/USD to record further downsides later this week.

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.



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