TL;DR Breakdown
- Polygon price rose 5 percent on the day to reach as high as $2.60
- Trading volume dropped 60 percent, highlighting buyer momentum
- Price could rise as high as $3.25 with downside potential also intact
Polygon price analysis for the day shows the token on the up, after rising more than 5 percent over the past 24 hours. Price rose as high as $2.60 with trading volume falling more than 30 percent to indicate buying dominance in the market. MATIC touched its record price of $2.92 on December 27 and looks to be consolidating back up to the point after consecutive days of sell offs. Price could go as high as $3.25 over the current trend, and presents a discounted buying opportunity at current level with a buy stop order at $2.70 and stop loss at $2.50.
The larger cryptocurrency market showed increments all round, led by Bitcoin’s 3 percent rise up to $47,400. Ethereum also upped 3 percent to sit at $3,700, while Altcoins also fared well. Polkadot rose 7 percent at $28.24, Terra 6 percent at $90.07 and Solana 6 percent at $178.8. Ripple and Cardano also upped 5 percent each to sit at $0.85 and $1.35, respectively.
MATIC/USD 24-hour chart: RSI on the up to justify price advance
On the 24-hour chart for Polygon price analysis, the Relative Strength Index can be seen on the rise, sitting at 57.13 to indicate a strong valuation in the market. The current trend shows a triple top breakout pattern, which is one of the most ideally perceived entry points in crypto. Price currently sits above the crucial 25 and 50-day exponential moving average (EMA) and targets the first resistance point at $2.70. The Moving Average Convergence Divergence (MACD) curve sits above the 0.00 mark and just below its neutral zone, also indicating potential movement upwards.
MATIC/USD 4-hour chart: Crucial short-term trade ahead as price sets $2.70 target
On the 4-hour chart for the MATIC/USD trade pair, price can be seen targeting upwards to $2.70. The RSI value of 51.22 shows positive signs, while price also sits above the crucial EMAs. The upcoming short-term trading sessions will determine if price will be able to consolidate towards $2.70 as it currently sits in the top half of the Bollinger bands’ curve. Downside potential also exists near the December 30 high of $2.44.
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/or consultation with a qualified professional before making any investment decisions.
