03 October 2022 : In this article we will walk you through Polygon price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Polygon, Is MATIC a good investment? Polygon support & resistance levels etc. But before diving deep into the MATIC technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $942,583,128,025. The total trading volume stands at $56,002,898,106. Bitcoin shares 39.88 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,611.99 level after an upward movement of 2.16%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.95 percent reaching to $1,320.89 during the previous 24 hours.
While publishing this blog, BNB traded at $287.88, following a price change of 1.31% within the same time frame. XRP the native coin of XRP is down by -0.37 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.33% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Polygon (MATIC)
|MATIC Resistance Levels||MATIC Support Levels|
|Resistance Level 1||$0.80||Support Level 1||$0.72|
|Resistance Level 2||$0.84||Support Level 2||$0.67|
|Resistance Level 3||$0.88||Support Level 3||$0.64|
MATIC has recorded a upsurge, gaining 3.81% in last 24 hours. The current value of Polygon is hovering at $0.80 with the trading volume of $341,691,195.00 USD in the same timeframe. The overall marketcap for MATIC is $7,022,316,067.00 USD while the coin price changes 7.24% over the week.
MATIC price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Polygon.
|Simple Moving Average (10)||0.76||Buy|
|Exponential Moving Average (10)||0.76||Buy|
|Simple Moving Average (20)||0.77||Buy|
|Exponential Moving Average (20)||0.77||Buy|
|Simple Moving Average (50)||0.83||Sell|
|Exponential Moving Average (50)||0.82||Sell|
Polygon successfully breaks its first resistance level of $0.80. Now MATIC has a nearest resistance of $0.84. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the upper resistance placed at $0.88. RSI implying near overbought phase while trading at 52 and is trying to break out of the neutrality zone. The MACD line is standing above of the signal line after a positive crossover. Polygon investors need to wait for any directional change over the daily chart. While MATIC’s Williams %R indicator is at -26.167 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.
There had been a positive trend for some time and it seems that the coin will continue it upward movement as long as it remains in the green area. You should only acquire crypto right now if you're prepared to book profit through short-term market moves.