Polygon price analysis: Bulls rallies towards $2.32 after a swift revival

TL;DR Breakdown

• The Polygon price analysis is bullish.
• Resistance for MATIC is found at $2.35.
• Support is present at $2.25.

The latest Polygon price analysis is strongly bullish as it shows the cryptocurrency price function is headed upwards for today. The price of MATIC/USD is going up as it has now touched $2.32. The trending line was downwards since 27th December, but today the trend has changed, and the bulls have been at the leading position throughout the day. The bulls might take the price even further to retest the $2.35 resistance.

MATIC/USD 1-day price chart: Bulls target $2.35 resistance

The 1-day Polygon price analysis chart shows an increase in price after the bulls took over the market earlier today. The past few days have been completely bearish, but the trend has been flipped today, and the bulls have made a strong comeback. The price has moved up to the $2.32 level after the bulls made a comeback today. The momentum is building up at a rather high pace, and the moving average (MA) value is at $2.18 below the price level, complementing the bullish momentum.

The volatility is increasing, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $2.89 while the lower band is at $1.94. The Relative Strength Index (RSI) score has followed upward movement as well and has finally reached index 51 in the upper half of the neutral zone.

Polygon price analysis: Latest developments and further technical indications

The latest Polygon price analysis shows that the price has improved today, but selling pressure was also observed late at night. But the trending line has been towards the bullish side for today, and it is still moving in the same direction as bulls have made a significant recovery. The recent gains have recovered the losses of the last four days.

As the overall uptrend of today has been quite overwhelming, the price has maintained above the moving average as well, which is at $2.13, and also above the upper limit of the Bollinger bands as its upper value has gone to $2.28 and its lower value to $1.89, indicating high volatility for MATIC. The RSI score is also going up on the 4-hour chart and is on an upwards slope present at index 63 at the time of writing.

Polygon price analysis: conclusion

From the given Polygon price analysis for one day and four hours, it can be inferred that the cryptocurrency is overall in a good position if compared to the past few days. MATIC/USD is expected to follow more upside in the coming hours, but some retracement is also expected as the price nears $2.35 resistance. We expect MATIC/USD to cover the range upwards after breaking through the said resistance.

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