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Polygon retraces below $1.500, what next for the bears?

Cryptopolitan


TL;DR Breakdown

  • Polygon price analysis is bearish for today
  • MATIC/USD traded in a range of $1.4738 – $1.5348, indicating mild volatility

Polygon Price Analysis: General price overview

Polygon price analysis is bearish for today as the market rallied more than 25 percent on Tuesday, only to retrace by 7.3 percent overnight. However, since MATIC/USD started to consolidate, we assume bulls are exhausted, and a retracement is expected later today.

The digital currency market traded bearishly over the last 24 hours with Bitcoin and Ethereum shedding 2.3 percent and 4.35 percent respectively. 

Polygon price movement in the last 24 hours: Polygon contracted bands indicate low trading activity

MATIC/USD traded in a range of $1.4738 – $1.5348, indicating mild volatility over the last 24 hours. Trading volume has increased by 15.1 percent and totals $1.02 billion, while the total market capitalization trades around $9.6 billion, ranking the coin in 17th place overall.

MATIC/USD 4-hour chart: MATIC prepares for a retracement?

On the 4-hour Polygon price analysis chart, we can see the MATIC/USD price action trading sideways overnight, indicating an upcoming retracement

Polygon price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $1.20, MATIC/USD has gained almost 100 percent to the current swing high of $1.69.

Source: Tradingview

Since another 20 percent were gained yesterday. After another higher low was set on Monday MATIC started to consolidate around the $1.65 mark, indicating that bulls are currently exhausted.

This price action development should lead the Polygon price towards another retracement later today. Target to retrace to is seen at the $1.58 previous minor swing high resistance. From there, MATIC/USD should continue higher later this week.

Polygon Price Analysis: Conclusion 

Polygon price analysis is bearish for today as the market set a new swing high at the $1.690 mark and started to consolidate overnight. Therefore, we expect MATIC/USD to reverse later today and retrace some of the gains seen yesterday.

While waiting for Uniswap to move further, read our articles on cryptocurrency trading, price predictions, as well as DeFi.

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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