TL;DR Breakdown
- Today’s Polygon price analysis is optimistic, as the token’s valuation reached a new all-time high.
- The token is currently ranked 14th on the market.
- MATIC is now aiming to push through the $3 barrier.
Today, the Polygon (MATIC) price hit a record all-time high of $2.92, and it appears like $3 is the next objective. The daily candlestick on Monday is off over 1%, while the token has gained upwards of 6% within last 24 hours.
The data from CoinMarketCap suggests that the trading volume of MATIC rose by 41.90% while the market cap rose by 6.72%, currently standing at $20 billion. Furthermore, in December, the token is up by 59%, entering 2022 with massive gains.
The daily candle for Monday kicked off at $2.876, reaching a daily high of $2.92 which was also the all-time high, and finally, falling to a daily low of $2.808. However, at the time of writing, the price of MATIC stands at $2.84.
Polygon price analysis on the daily chart
Polygon price analysis for the short term seems very bullish as it is clear that new all-time highs are in store for the token. As per the chart below, the Moving Averages of 50 days and 100 days are below the price action. In any case, the prices turn bearish; these lines will act as support levels.
Next, the RSI indicator shows that the prices have spiked by an enormous amount, with the line shooting up in the bullish region. The chances of price surge remain, but a short correction may follow to cool off some steam and make way for further high gains.
The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), leading to huge green bars on the MACD histogram. The bulls are not exhausted yet.
Conclusion
Polygon price analysis can be concluded on a bullish note for the short term as it has made a new all-time high and aims to break into the $3 price level. It is currently ranked at number 14th and seeks to enter the top 10 cryptocurrencies soon.
