MATIC Price Analysis: Polygon Matic flexes its muscles

•MATIC/USD is currently prices qt $1.59 and has increased by 9.46% over the past day

•The trading volumes have increased by an impressive 28.75% over the past day

•The technical indicators suggest a positive outlook 

Short Term View: Polygon shows immense strength with a massive rally

The Polygon crypto price today is $1.59 USD with a 24-hour trading volume of $1,325,803,898 USD. Polygon crypto is up 9.46% in the last 24 hours. The trading volumes have increased manifolds over the past day,suggesting increased investor activity.  The Volume to Market Cap Ratio, on the other hand, stands at 0.1101.

Polygon Crypto had a bearish run for the better part of last month as it saw significant losses.For the better part of the month Polygon was resisted at around $1.35 level after falling below it, it has breached that resistance successfully. Price has moved above 20 and 50 days SMA, an event which bodes well for the coin in the short term. In the event of the momentum continuing, the resistance is placed at $1.70. On the other hand,if the recent price action proves to be a false breakout, Polygon crypto will find support at $1.45.

Long Term View 

The technical indicators for Polygon crypto are increasingly bullish as the bulls have taken over. RSI has recovered from being in the oversold region and has shown strength recently, standing at 48.08. There is a bullish crossover also seen between MACD line and signal line on the daily chart along with histogram turning positive. This scenario makes a good entry point around this price level. 

Conclusion 

Polygon crypto had been stuck in a downtrend after it reached it’s all time high in November 2021. It has shown signs of recovery in the last few days and the technical indicators reaffirm the bullish edge.On the upper side, Polygon crypto finds small resistance at $1.70 above which it will find ease in picking the prices up even further.

Support:$1.45-$1.35

Resistance: $1.70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.