Polygon price analysis reveals MATIC price action has been bullish in the last 24 hours, surging from around $0.7 to over the $0.8034 mark. The recent surge was triggered by a sudden influx of buying pressure which has supported the bulls in this crypto-assets market.
MATIC’s prices opened the daily trading session at around $0.70 before gradually climbing up the charts to reach a peak of $0.8034. The bulls have been able to defend the key resistance level of $0.8034 and keep the buyers in control of the market.
Despite the bullish momentum, MATIC’s prices have been trading sideways within a range-bound channel which signals that a major move is imminent. The current price action indicates that more upside could be expected in the coming days if the bulls remain in control and break the key resistance level.
On the other hand, if the bears take control and push the prices down, then a range-bound consolidation is likely to continue until further upside or downside momentum is seen on the charts. Investors should remain cautious when trading MATIC as any sudden change in market sentiment could lead to a major price swing either way.
The bullish action is further indicated by the Relative Strength Index (RSI) which currently stands at 67.17, indicating that the asset is overbought and could face resistance as it moves forward. Moreover, the Chaikin Money Flow (CMF) signals a slightly positive trend, suggesting buying pressure has been in effect for some time now.
MATIC’s Technical Indications
The technical indications for the MATIC market suggest that the asset is currently in a bullish state. The MACD and Exponential Moving Average (EMA) both show strong buy signals, with the 12-day EMA trading above the 26-day EMA, suggesting further price appreciation.
The Bollinger Bands indicator shows that volatility has been on the rise as well, indicating that the asset is subject to fluctuating prices. In addition, the Parabolic SAR indicator has been in a bullish state, which suggests that the asset may experience more gains in the short term.
The Fibonacci Retracement Tool shows that MATIC is currently trading between the 0.236 and 0.5 lines, indicating that there could be further price appreciation in the near future. These positive technical indicators suggest that the asset may continue its bullish momentum and move higher in the coming days.
Overall, MATIC price analysis shows that the asset is currently in a bullish state with positive technical indications indicating further growth potential.
However, it is important to note that the market could be volatile and prone to sudden dips as well.However, on the downside, the current support levels at $0.77 appear to be strong and the asset may take a dip if it breaks below this level. It is also important to keep an eye on other indicators such as volume and order books which can help in gauging the trend of MATIC prices.
