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Polygon Price Analysis: MATIC finds support above $0.50, ready to move higher?


TL;DR Breakdown

  • Polygon price analysis is bullish for today.
  • MATIC/USD saw further decline overnight.
  • Support found above $0.50.

Polygon price analysis is bullish for today as the market saw another decline, this time to the $0.50 mark, and showed bullish reaction signs from there. Therefore, we expect MATIC/USD to move higher later today and return above the $0.60 previous major support.

Polygon Price Analysis: MATIC finds support above $0.50, ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours as bullish momentum starts to pick up again today. The market leader, Bitcoin, trades flat, with a small loss of 0.02 percent, while Ethereum is in the red, with a loss of 1.52 percent.

Polygon price movement in the last 24 hours: Polygon retraces to $0.50 support

MATIC/USD traded in a range of $1.02 – $1.16, 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 $0.60? 

On the 4-hour chart, we can see Polygon price action starting to push back towards the $0.60 previous major support.

Polygon Price Analysis: MATIC finds support above $0.50, ready to move higher?
MATIC/USD 4-hour chart. Source: TradingView

Polygon price action traded in the red over the past weeks. After a strong spike higher to $1.35 at the beginning of September, an equally strong retracement followed on the 7th of September.

MATIC/USD found support above $0.60 and traded sideways for more than a week around the support, with the $0.80 resistance established later on. Last week, Polygon moved lower again to retest the $0.60 support. However, MATIC broke lower on Monday.

After some consolidation below the $0.60 support yesterday, another drop was made overnight, resulting in the $0.50 mark reached. Overall, we expect MATIC to regain some of the loss over the next 24 hours. 

Polygon Price Analysis: Conclusion 

Polygon price analysis is bullish today as the market saw another slight move lower, with support found above the $0.50 mark. Since further downside was rejected, we expect MATIC/USD to increase and possibly return above the $0.60 previous major support.

While waiting for Polygon to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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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