- The price of Polygon (MATIC) is indicating bearish signs of weakness due to slowing momentum
- MATIC/USD had traded within a tight range of $1.300 – $1.4092
Polygon Price Analysis: General price overview
The price of Polygon (MATIC) is indicating bearish signs of weakness following the recent slowdown in momentum, a tight daily range, and focus shifted towards lower corrections. Increased profit taking by MATIC bulls is the sole reason why the polygon price action is unable to breach the current resistance.
The altcoin is preparing for a retracement, hence making today’s Polygon Price Analysis bearish in the next 24 hours. Nonetheless, the imminent retracement will find correction above solid support and then consolidate enough momentum to steer a violent rally upwards.
The general cryptocurrency market is trading in the neutral zone and has been the case for the last 24 hours.
Polygon price movement in the last 24 hours :
MATIC/USD on the 24-hour price analysis had traded within a tight range of $1.300 – $1.4820, therefore suggesting mild volatility. Daily trading volume dropped by 24 percent to $888 million. On the other hand, the total market capitalization for Polygon rose by 2.03 percent in the last 24 hours.
Polygon price analysis on the 4-hour chart
On the 4-hour chart, we are observing MATIC/USD attempt to build support at $1.3200. This suggests the bulls are consolidating near this area in preparation for a rapid bullish rally in the near term.
Polygon price action has traded well within strong momentum for the past few weeks. The coin did consolidate at the base of its recent rally by a 65 percent upswing to the $1.300 mark.
However, into mid-August, the bears rejected further upsides and are presently trying to exert a pullback with resistance to the $0.98.The current price movements suggest the chances of a new lower low and the likelihood of a reversal back to the downside in the course of the week.
Meanwhile, the digital currency is trading sideways between $1.3 and $1.4. The bulls are attempting to break out of this tight range and later this weekend, activate a fresh rally. On the contrary, MATIC might post downsides due to a strong supply zone on the upside. At the time of writing, Polygon is trading at $1.4820
Polygon price analysis conclusion
Our Polygon price analysis is bearish as we are expecting the price action to correct lower due to the slowing down price momentum. Increasing break-even traders are exerting downward pressure on Polygon, thereby causing many downswings within short durations.
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