The crypto market has experienced volatility recently, with Polygon (MATIC) among the assets affected. However, this market movement can create opportunities for traders and investors to make profits. Within the last seven days, MATIC’s price has experienced a 3.25% increase, indicating strong momentum from the bulls.
Polygon is the scaling solution for Ethereum, and its increasing adoption could raise its price as demand grows. Currently, its price stands at $0.8861 in the last 24 hours, showing a positive market sentiment and growing demand. Also, MATIC Dominance & Social Sentiments are above 50%, indicating neutral pressure, which implies that MATIC has a positive sentiment among crypto investors.
In terms of technical analysis, the MATIC/USDT pair has formed a bullish flag pattern, suggesting a potential trend reversal and an end-to-downtrend movement. Traders are watching the support and resistance levels of $0.8399 and $0.9086, respectively, closely for possible breakouts.
If MATIC breaks above the significant resistance level, it will trigger a bullish trend with the next support and resistance level at $0.5142 and $1.5799. However, breaking below the $0.7536 support level could signal a bearish trend, which will provide selling opportunities to traders.
The Moving Average Convergence Divergence (MACD) trades above the signal line, indicating potential bullish trends in the market. Additionally, the Relative Strength Index (RSI) momentum oscillator has a reading of 42.35, suggesting neutral pressure from the bulls and bears. The market trades below the 50-Day and 200-Day Simple Moving Averages (SMA), which suggests a possible bearish movement. Nevertheless, the token bounced off a critical support level of $0.88 and may attempt to continue the bullish move.
Based on the current market trend, MATIC’s upward trend is likely to continue, and its increasing adoption could increase its price in the long term as demand grows.
Sources:
Coinmarketcap
Tradingview
Cfgi.io
Pixabay
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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