What is the Next Move Of Polygon?

MATIC price is trading above the major exponential moving averages showcasing bullishness on the daily technical chart. Polygon is very close to reaching the level of $1 which will attained soon

The Polygon network’s native currency produced a positive trend with an approximately 11.34% increase. This growth has been even more pronounced over the course of a month, reaching around 20.41%. However, looking back over three months, Polygon’s price rose by about 10.82%, while over the last six months, it has experienced a decline of approximately 69.77%. Unfortunately, the crypto’s overall performance throughout the year has been lackluster, with a year-to-date slump of about 2.57% and a 37.98% drop over the entire year.

As of now, the MATIC crypto price stands at $0.9473, showing a 2.02% gain and highlighting bullishness on the charts. The trading volume is 373.83 Million, and the market cap is $9.09 Billion. Additionally, technical indicators are maintaining solid buy signals.

Technical Analysis of MATIC Crypto Price in 1-D Timeframe

Over the past three months, Polygon (MATIC) has demonstrated a steady upward trajectory, gaining approximately 11.16%. As of now, the crypto is trading with a bullish momentum, attempting to surge above the upper level after a recent pullback.

Should it maintain this level, the MATIC price could continue its ascent and potentially reach the first and second targets of $1.00 and $1.500. However, if the price fails to sustain itself and experiences a decline, it may find support at the closest levels of $0.8398 and $0.7872.

At the time of publishing, MATIC crypto (USD: Polygon) is trading below the 50-Day and 200-Day Simple Moving Averages (SMAs), which currently act as support for the price trend.

However, if buying volume increases, the price could potentially surpass these supporting SMAs by forming higher highs and lows. Consequently, the Polygon price is anticipated to move upward, providing bullish prospects on the daily timeframe chart.

Relative Strength Index (RSI): The current RSI value is 65.83 points, suggesting positive momentum.

14-Day SMA: It is positioned above the median line at 58.24 points, indicating a bearish sentiment for MATIC crypto.

Additionally, the MACD (Moving Average Convergence Divergence) exhibits a bullish crossover, with the MACD line at 0.0317 and the signal line at 0.0173, both above the zero line. This signals increased strength for the Polygon crypto price.

Summary

Technical oscillators for MATIC (USD: Polygon) align with the bullish trend. The MACD, RSI, and EMA (Exponential Moving Average) all provide positive indications, suggesting that the upward trend may persist. Furthermore, if MATIC receives the desired support from buyers, it has the potential to climb even higher.

Technical Levels

Support: $0.8398 and $0.7872.

Resistance: $1.00 and $1.500.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.