- Today’s Polygon price analysis is bearish
- MATIC/USD traded within a daily range of $1.53 – $1.680.
Today’s Polygon price analysis is bearish only a day after breaching through a 2-month resistance and setting an all-time high at $1.68. Polygon retraced 2.56 percent on the daily chart and at least 160 percent between June 18’s low at $0.89 – August 21’s $1.68. Meanwhile, the general polygon sentiment is bullish for the medium-term and long-term as bulls aim for the $2.00 support.
Polygon price movement in the last 24 -hours: Dropping volumes
According to our Polygon price analysis, MATIC/USD traded within a daily range of $1.53 – $1.680. Such a tight range suggesting low volatility across the daily chart. Polygon’s trading volume faced a 14.70 percent plummet to a total of $1.328 billion. The total market capitalization stands at $10.5 billion after a 2.10 percent drop in the last 24 hours.
4-hour Polygon Price Analysis: Bulls aim for $1.80
On the 4-hour Polygon price analysis, MATIC/USD is correcting upwards and attempting to retest its daily high at $1.6890. Polygon price aims to retest this area and resume a bullish pattern extending from August that could see the coin set an all-time high near $2.00.
The bulls seem persistent to set a new high on the 24-hour chart, but their attempts are being met by mild bearish forces. In no time, the bulls could consolidate higher and beat any seller concentration at the top and resume their gradual uptrend.
Polygon price action has witnessed bullish patterns in the past 2-weeks, and until yesterday, the coin had rallied by 150 percent and hit a 2-month high at $1.51.
MATIC/USD did not start well in the week following a 20 percent retracement to the $1.10 support mark. The bears are still acting against the upper support levels and urgently want Polygon to retest this mark. Nonetheless, the coin’s price action hit a higher low at that point, and the altcoin’s market has been consolidating above it for the past 48-hours.
Polygon price analysis conclusion
Polygon price analysis is bearish as a strong downswing was seen yesterday, and the market price currently trades just near $1.51 previous high. Therefore, we expect MATIC/USD to retrace lower later today and target the $1.68 mark next.
While waiting for MATIC/USD to move further, read our articles on Decentralized Exchanges, Bitcoin Futures as well as NFT Marketplace.
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