Polygon Price Analysis: Will MATIC Retest $0.87 Level?


  • The price of Polygon has fallen by -7.31% in the previous 24 hours.
  • MATIC faces medium-term resistance at $0.93.
  • Polygon currently trades near $0.70
  • The EMA(50) is currently at $0.82.

25 April 2024 : 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.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,348,766,299,114. The total trading volume stands at $87,031,801,236. Bitcoin shares 53.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $63,823.89 level after a decline of -4.1%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -5.52 percent reaching to $3,103.08 during the previous 24 hours.
While publishing this blog, BNB traded at $608.35, following a price change of -1.2%within the same time frame. SOL the native coin of Solana is down by -8.4 and currently trading at $144.82. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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.

Polygon Support and Resistance

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 $0.87 Support Level 1 $0.73
Resistance Level 2 $0.93 Support Level 2 $0.66
Resistance Level 3 $1.00 Support Level 3 $0.59

Polygon Performance

The current Polygon price is $0.70, with a trading volume of $337,738,057.00 in the past 24-hours. Currently, MATIC is down by -7.31% since yesterday with a market capitalization of $6,936,107,777.00 USD.

Polygon Price Analysis

MATIC price analysis for 25 April 2024 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.

Moving Averages Price Indicator
Simple Moving Average (10) 0.81 Sell
Exponential Moving Average (10) 0.81 Sell
Simple Moving Average (20) 0.81 Sell
Exponential Moving Average (20) 0.81 Sell
Simple Moving Average (50) 0.81 Sell
Exponential Moving Average (50) 0.82 Sell

RSI implying near overbought phase while trading at 53 and is trying to break out of the neutrality zone. The MACD line is standing below of the signal line after a crossover. Polygon investors need to wait for any directional change over the daily chart. While MATIC’s Williams %R indicator is at -9.217 for the 14-day time period indicating a overbought condition and short term trend price correction is possible. Polygon is moving in downward direction as bears successfully take the coin below immediate support level of $0.73. Now MATIC should find a support at $0.66 or else the sellers could then target the crucial support level placed at $1.00.

Conclusions

According to the Polygon (MATIC) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.