MATIC/USD set to break below the daily resistance

TL;DR Breakdown

• Polygon price analysis shows a bullish trend
• Resistance for MATIC prices is present at $1.57
• MATIC prices have seen firm support at the $1.45 level

Polygon price analysis shows that the MATIC/USD pair is set to break out of its intraday highs before midnight. Prices have been consolidating between $1.57 and $1.45 for the past few hours, but the bulls are now in control and a move above $1.57 is likely. The next level of resistance is seen at $1.65, and a breakout here could see prices move towards $1.80 in the short term.

The MACD on the 4-hour chart is bullish and is gradually gaining momentum. The RSI is also in positive territory and is pointing upwards, indicating that the bulls are in control.

Polygon price analysis 24-hour chart: MATIC prices prepare to break out

As the prices are set to break out from the $1.57 resistance level, the price movement has been mostly bullish in recent days. The trading volume is up by 15.20 percent over the last 24 hours as prices have hovered around a range of $1.45 and $1.57, with the bulls breaking out from the $1.57 resistance level.

MATIC/USD 1-day price chart, source: TradingView

The $1.57 resistance level is a key level to watch in the near-term, as a breakout could signal further upside for MATIC prices. The $1.45 level has provided firm support recently, and a breakout below this level could signal a downside for the coin. Overall, the technical outlook for Polygon is bullish in the near term.

From a technical standpoint, the MATIC/BTC pair is trading in a descending channel formation since mid-February when it reached an all-time high price of 0.00000466 BTC. Since then, the price has been making lower highs and lower lows inside the channel.

The recent price action is showing signs of a bearish breakout from the descending channel formation, which could signal further downside for the pair. The next key level to watch is the 0.00000400 BTC support level. A break below this level could signal further downside for the pair.

Polygon price action on a 4-hour price chart: MATIC prices enter a bullish bias trend

The 4-hour polygon price analysis chart for Polygon shows that the prices have finally entered into a bullish trend as the prices move above the $1.50 level. However, the bulls are currently facing some resistance at the $1.57 level. A slight buying pressure is seen around the $1.55 level, which is currently acting as a support level for the bulls. The MACD indicator is currently in the positive territory, indicating that the bulls are in control of the market momentum. The RSI indicator is also trading above the 50 level, which further confirms the bullishness in the market.

MATIC/USD 4-hour price chart, source: TradingViewThe $1.57 resistance level is a key level to watch in the near term, as a breakout could signal further upside for MATIC prices. The $1.45 level has provided firm support recently, and a breakout below this level could signal a downside for the coin.

Polygon price analysis: conclusion

Polygon price analysis has seen a surge in popularity in recent months due to the growing interest in decentralized finance (DeFi). The $1.57 resistance level is a key level to watch in the near term, as a breakout could signal further upside for MATIC prices. The $1.45 level has provided firm support recently, and a breakout below this level could signal a downside for the coin. Overall, the technical outlook for Polygon price analysis is bullish in the near term.

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 consultation with a qualified professional before making any investment decisions.