Polygon price analysis for today reveals a relatively negative outlook after a downtrend yesterday. The market opened at $0.87 and traded between an intraday high of $0.88 and a low of $0.84 before closing the day down 4.97% at $0.832. week when prices fell.
The MATIC/USD pair currently has a market capitalization of $6.66 billion while the trading volume over a 24-hour period is $926,548,675.40. The token is down 1597% in the last 7 days and has a circulating supply of 8,006,803,853 MATIC. There is a strong rejection at the $0.85 resistance level as the price drops to support at $0.8. The Finnobacci retracement indicator placed on the 4-hour time frame reveals that the 61.8% Fibonacci retracement level with boundaries between $0.9 and $0.85 was holding as support before the latest breakout.
Polygon Price Analysis: Bears dominate the market as prices break support at $0.84
The one-day timeframe of our Polygon price analysis today is rather bearish. Yesterday we had a Doji candlestick pattern, which is an indication of market indecision. The MACD indicator is currently deep in bearish territory as well, meaning that the bearish momentum should continue in the near term.
The main support levels to watch are $0.8 and $0.78 while the resistance levels are $0.85 and $0.9. The technical indicators on the daily chart are currently giving a bearish signal. The Scholastic oscillator has just broken through the oversold zone while the RSI indicator is trading at 36.86.
Most of the moving average lines point towards the bearish divergence, which means that there is a high probability that the prices will fall even further in the short term. For example, the 20-day moving average is currently trading at $0.8596, which is well above the current market price. This is a strong bearish signal indicating that prices should continue lower in the near term as the bears take control of the market.
Polygon price analysis in the 4-hour chart: the market is oversold and a relief rally is expected
The 4-hour timeframe of our Polygon price analysis today reveals that the market is currently oversold. This means that there is a likelihood of a short-term relief rally as bulls take advantage of oversold conditions to drive prices higher.
The price is stuck between strong support at $0.8 and resistance at $0.85. A break above the resistance level will see prices rally to $0.9 while a break below the support level will see prices fall to $0.78. Prices have been holding at this particular level for some time now and a breakout is imminent.
The MACD indicator is currently deep in bearish territory, which means that the bearish momentum should continue in the near term. However, the indicator is near the middle line, which means that the bearish momentum is slowing down.
The RSI indicator is currently trading at 36.86, which means the market is oversold. This is a bullish signal indicating that prices should rebound in the near term as bulls take advantage of oversold conditions to push prices higher.
In conclusion, our Polygon price analysis today reveals that the market is currently bearish but a relief rally is expected as the market is oversold. The main support levels to watch are $0.8 and $0.78, while the resistance levels are $0.85 and $0.9. The general market weakness has been attributed to the depreciation in value of Polygon as the token falls to $0.8.
Disclaimer. The information provided is not commercial advice. Cryptopolitan.com accepts no responsibility for 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 decision.