MATIC Price Analysis: Polygon set to go out all guns blazing

•MATIC/USD is currently priced at $1.80 ,with a decrease of 0.08% over the past 24 hours

•The trading volumes have decreased by 8.68% over the past day

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•The technical indicators paint a rosy image for Polygon crypto 

Short Term View: Polygon looking to score a home run as bulls remain in ascendancy 

The Polygon price today is $1.80 USD with a 24-hour trading volume of $1,088,053,867 USD. Polygon is down 0.08% in the last 24 hours.Despite the bearish outlook of the cryptocurrency market, Chiliz (CHZ) has been increasingly bullish over the last few weeks. The trading volumes have decreased by a marginal amount over the last day and the Volume to Market Cap Ratio stands at 0.080, indicating a consolidated price movement. 

The polygon crypto topped its market value on 27 December 2021 as it reached its all-time high of $2.92. The recent correction, however, dragged down its prices considerably as the profit-takers began to liquidate their positions just as prices hit the ceiling. The altcoin is currently trading above the 20 and 50 SMA, with the 50 SMA leading the 20 SMA. This suggests that momentum is consolidating in the coin and polygon is yet to pick up the pace. The resistance level for polygon lies at $2 while the support is placed at $1.60.

Long term View

The MACD indicator for Polygon shows the MACD line about to cross the zero line and entering the positive zone in the process. This will be a major boost for the bulls as it suggests bullish momentum heating up in the market for Polygon crypto. The histograms have kept rising since the bulls came in and saved the day just as the signal line was about to cross the MACD line. The RSI, on the other hand, lies at 49.49 and is in neutral territory. The RSI is overextended but it doesn’t mean CHZ can’t see another leg up considering the strength of the current move.

Conclusion

Polygon crypto is in the middle of an uptrend and technical indicators suggest the bullish momentum is only now beginning to pick up the pace. Hence we are likely to see prices taking a bump in the near future.The slight decrease in the intraday session  can be a result of new momentum, but nothing that should alarm medium-term or long-term traders.The current uptrend seems strong enough to continue moving upwards. The market sentiment is also bullish these days, which is reflecting the confidence of traders in the market. 

Support:$1.60

Resistance:$2

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.