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MATIC/USD is bullish after recovering over 5 percent losses and eyeing a $1.70 swing high

Cryptopolitan


TL;DR Breakdown

  • Polygon price analysis suggests a bullish trendline
  • Our 24-hour Polygon chart shows a daily range of $1.3500 – $1.5002.
  • MATIC/USD RSI on the 4-hour Polygon price analysis is on the supply zone 

Polygon price analysis suggests a bullish trend line over the next 24-hours after the coin saw an 8.50 percent upward momentum. The MATIC/USD pair is currently attempting to cross the $1.5 mark after the bears displaced bulls from the same intraday high in the early morning session. This saw the coin pullback towards the intraday low of $1.35. However, the scalability token has already managed to recover losses incurred during yesterday’s upswing and is striking several long white soldiers on the 4-hour chart. 

Most of the digital assets market is trading within mixed signals, with market leaders BTC and ETH gaining at least 4 percent on the daily chart. While BNB, ADA, and XRP are losing part of their value on the 24-hour chart. The best performer is Solana which saw a 20 percent bullish movement to the $80 mark. 

Polygon price movement in the last 24 hours: Polygon sets another lower low at $23.5

Our 24-hour Polygon price analysis chart is showing a daily range of $1.3500 – $1.5002, a narrow range that suggests low volatility. Polygon’s trading olume underwent a 9.0 percent positive change to a total of $987 million. The total market capitalization for the scalability network went up by 5 percent in the last 24 hours to a sum of $9.6 billion. Coin Market Cap ranks Polygon at number #17 among the top 20 leading cryptos by market cap. 

MATIC/USD 4-hour chart: DOT starts to rally

Source: Tradingview

Across the 4-hour technical indicators of our Polygon price analysis, the MACD histogram is green but with short bars.  Indicating high momentum in the short term. The price of Polygon has broken out of a bearish channel that ended at $1.30 after the bulls rejected further downsides. Momentum is rising, and we can see a slight retracement below $1.49, where the bulls could be preparing for a decisive breakout above $1.50.

MATIC/USD RSI on the 4-hour Polygon price analysis is on the supply zone but points towards the overbought region. The indicator is presently hovering around 47, showing receding bearish dominance on the 4-hour chart. The good news is this position shows that the bulls do not have enough room to hijack the price and result in a downswing. 

Polygon Price Analysis: Conclusion

Traders should anticipate a bullish trend line in the next 24-hours and slight bearish movements in the short term 4-hour duration. Our Polygon price analysis indicates the bulls will continue controlling the mid-term technicals, and the bears might have until Monday to take er. The bulls are attempting to regain the upper swing high at $1.70; as you wait for this continuation, you can read some of our long-term cryptocurrency forecasts

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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