- Polygon’s crypto price is trading at $0.86 with an intraday gain of 3.35%.
- According to the market cap, MATIC ranks 14th in the cryptocurrency market.
- Traders and investors are keen to lift the price to the $1 hurdle.
Polygon (MATIC) price has been struggling between the parallel channel and is currently heading toward the resistance level of $0.95. Since October, the Polygon crypto price has been in a bullish trend but the trend was disturbed near the $0.95 mark. The MATIC price took support from the significant moving averages after forming a doji candlestick. A short-term reversal is expected.
Current Price – $0.86 Price Prediction – $0.94 (8.23%)
Market cap – $8.33 billion Fear & Greed Index – 70 (greed)
Volume – $329.14 million Green days – 15/30 (50%)
Sentiment – bullish 200-day EMA – $0.77
Volatility – 5.00% RSI – 60
The market capitalization of Polygon is $8.33 Billion and the trading volume is $329.14 Million which has increased by 40% in the last 24 hours and the fully diluted market cap is $8.67 Billion.
Technical analysis suggests that Polygon price could gain 8.23% to hit $0.94 by February 17, 2024. The fear and greed index is 70 (greed) and volatility is 5.00%. Polygon matic price has remained positive for 15 days in the last 30 days.
RSI is at 60 which has recovered from the oversold zone and heading toward the overbought zone. MATIC price is trading over the significant moving averages which indicates the buying momentum.
Technical Analysis of MATIC Price Over 1-D Timeframe
Polygon crypto price has been struggling in a parallel channel for the last three months and recently taken support on the $7 mark and heading toward the resistance line of $0.95.
If the buyers manage to lift the price to the $0.95 mark and the MATIC price fails to sustain and forms a negative candlestick, the price may slip to the support level of $7. But if the MATIC price fails to defend the $7 level, a bearish trend can be observed and past profit can be eroded in a few weeks.
On the other hand, if the MATIC price rises to the $0.95 mark and spends some time, it may give a positive breakout. If it does, the $1 mark could be achieved easily and the bullish trend can be expected.
MATIC Price Prediction FAQs
What is the Polygon price prediction today?
MATIC crypto price is predicted to gain 5.52% to reach $0.87 by today.
What is the MATIC price forecast for tomorrow?
Based on our analysis, the Polygon price is forecasted to gain 2.51% to reach $0.89 by tomorrow.
What is the Polygon price forecast for this week?
According to our technical analysis, the Polygon price is forecasted to perform positively. It may range between $0.84 and $0.95 by this week.
What is the current MATIC price sentiment?
The current Polygon price prediction sentiment is bullish according to our analysis.
Conclusion
Based on our technical analysis, the MATIC price is likely to experience a positive trend and may range between $0.84 and $0.95 by this week. The bullish sentiment is supported by the trading volume that is up 40% in the last 24 hours, while the RSI is currently at 60, highlighting buying momentum. However, if the price fails to defend the support level of $7, a bearish trend can be observed, eroding past profits in a few weeks.
Technical Levels
Resistance Levels: $0.95 & $1.06
Support Levels: $0.72 & $0.60
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.