TL;DR Breakdown
- The Polygon price analysis is bullish.
- Resistance for MATIC is present at the $1.46 level.
- Support for MATIC is present at $1.39.
The latest Polygon price analysis shows cryptocurrency trends are going in the bullish direction for today. The price of MATIC/USD is increasing as it has now leveled up to $1.42 as the bulls have been successful in dodging past the bearish pressure which appeared at the start of today’s trading session, and the coin took a downwards break out.
However, later on, the price started to recover as the bulls had been at the leading position throughout the day. Bulls have turned the daily trend in their favor during the last few hours and have recovered the loss incurred by bears at the start of the day. Further increase in price is also expected as bulls lead the chart for now.
MATIC/USD 1-day price chart: Price headed upwards after getting the desired push
The one-day Polygon price analysis chart is showing signs of recovery after the bears took over the market earlier this day. The past few days have brought positive news for the buyers as the coin has been sustaining its price levels, and the trend has been unchanging for today as well. The price has moved up to the $1.42 level after the bulls made a comeback today. The momentum is building up at a rather slow pace as compared to yesterday’s progress.
The volatility is high, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $1.71, representing the strongest resistance for MATIC, while the lower band is at $1.25, representing the strongest support for MATIC/USD.
The Relative Strength Index (RSI) score has followed a horizontal movement as well and has been hovering at index 45 as the buying and selling has almost equaled out. The SMA 20 curve is treading below the SMA 50 curve, which hints at the bearish pressure to be still there.
Polygon price analysis: Recent developments and further technical indications
The latest 4-hour Polygon price analysis shows that the price is going upwards at a slow speed. The hourly trending line has been on the bullish side since yesterday, and it is still moving in the same direction. The gains have been nominal for today as the MATIC/USD price is now at the $1.42 position due to the correction observed at the start of the trading session. As yesterday’s uptrend has been of quite an impact, the price has reached near the upper limit of the volatility indicator.
The Bollinger Bands Indicator is showing an average of $1.37, whereas its upper value has moved up to $1.43 and its lower value to $1.31. The RSI score is also at an average level and is increasing at a very slow pace, as it is present at 58 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 recovering slowly, but the price is present at a lower level compared to the start of the month. However, it can be expected that MATIC will continue its upward price movement for the next 12 hours.
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Source: https://www.cryptopolitan.com/polygon-price-analysis-2022-04-19/