Crypto Technical Analysis

Polygon(MATIC) Technical Analysis: This is When MATIC Price May Hit $2!

Polygon(MATIC) Technical Analysis

Key Takeaways

  • MATIC price closed the previous day’s trade at $1.622 with a market capitalization of $12.10 and a circulating supply of 7,56B MATIC
  • The asset flipped the bearish divergence a couple of days before and currently adopted a calculated approach to sustain above the gained levels
  • No specific bearish reversal is been witnessed as the price appears to be primed to achieve the required target at the earliest

Polygon(MATIC)/USDT Technical Analysis at a Glance

After undergoing multiple ups and down’s the Polygon(MATIC) price initiated a notable uptrend just before the monthly close. And since then the asset is maintaining a significant uptrend, intending to attain the upper resistance levels at the earliest. And hence the current uptrend including minor pullbacks may be continued which eventually may reignite a notable rally beyond $2

Short-Term After ranging to some extent, the MATIC price appears to be pretty uncertain about the next move and hence consolidating around the higher levels waiting for a push to range towards the next upper resistance 
Mid-Term The MATIC price is swinging towards the upper levels, yet with a comparatively low volume and hence whenever the buyers get exhausted, the price may tend to fall down
Long-Term The selling volume was not strong hence, MATIC price despite a pullback maintained a notable uptrend and with a recent surge popped up a significant buy signal.

Additional Read: Deep Dive into Polygon (MATIC)

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 52.43 / 48.4 Neutral / Neutral
MACD(12,26) 0.015 / -0.061 Buy / Sell
Average Directional Index(ADX) 27.99 / 26.34 Buy / Sell
Bull-Bear Power -0.009 / 0.045 Sell / Buy

MATIC price appears bullish but the technicals are pretty unsure of the upcoming price range. The RSI in both the time frames is hovering within the middle zones and hence waiting for the next call to move accordingly. While no particular buying or selling volume is accumulated in STF, the HTF trying very hard to mount the buying pressure. 

Interestingly, ADX, the Strength indicator is hovering at the same zone in both the time frames but bullish in STF and bearish in HTF. But the bears appear powerful in STF and the bull could take back control in the long term. 

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 $1.559 $1.74
Moving Average(MA)-200 $1.488 $1.73
Resistance $1.66 $2.01
Support $1.57 $1.42

The MATIC price at the press time has surpassed the 50-day & 200-day MA levels in the short term. Moreover, the price has just surpassed the local resistance and is attempting hard to sustain above these levels. Currently, the sellers are extracting a little profit but this may not drag the price towards the support levels. 

And hence after a slight accumulation, the asset could range high to test the 50-day & 200-day MA in the long term. This may trigger an upside swing towards the higher frame resistance levels. And once the MATIC surpasses $2, a significant bull run may pave the way for the asset to discover new highs. 

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 42.10 70.25
Ultimate Oscillator 53.95 58.52
Average True Range(ATR) 0.0318 0.14
CCI -54.94 43.02

The Stochastic Oscillator is currently bullish meaning the price is currently above the average levels. On the other hand, the Ultimate Oscillator which considers 3 different MAs to determine the next price movement is also significantly bullish in both time frames. While the asset is less volatile in both time frames and hence no drastic surge or plunge may be expected. On the other hand, the CCI is also bullish which denotes the asset may undertake a trend reversal and hold a significant uptrend very soon.

Additional Read: LUNA vs MATIC

MATIC /USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The MATIC price in the short-term is pretty bullish as it may breach through the upper resistance very soon
  • The asset since it flipped from lower support has attained the upper resistance and consolidated along with these levels without a breakout
  • As the price needs to reach the apex of the ascending triangle then a slight pullback towards the lower support and a strong flip slicing through the resistance appears to be pre-programmed
  • Yet the $2 pivot levels still appear pretty far-off as the price needs to test and clear $1.75 to $1.8 levels initially.

MATIC/USDT Technical Analysis for Long-Term

Source: Tradingview

  • The Polygon price in the larger time frame is also bullish as, much similar to the short-term chart, the price is testing the upper resistance of the descending triangle. 
  • And hence to prevent the downtrend, the MATIC price needs to break out from the triangle before the day close
  • Else a clear possibility of retesting the lower support surfaces which may consume enough strength and time
  • However, the current bullish momentum could be maintained that could be fueled with a huge influx of buying volume shortly. As the asset is hovering at one of the buy areas, a significant amount of volume may make its way in.

Additional Read: Polygon (Matic) Price Prediction

Polygon(MATIC)/USDT Technical-Analysis for Today: 02 March 2022

The Polygon price ended the previous month’s trade on a notable bullish trend which is carried out until now. Despite multiple attempts of the bears to pull back the price towards the lower levels, the ascending trend was maintained. Moreover, a couple of indicators are extremely bullish and hence the price could maintain a notable uptrend until it reaches the pivotal resistance above $1.7. 

The Polygon(MATIC) price at the press time is around $1.67 with a market capitalization of more than $12.8 billion which has increased by 5.12%. Also, the trading volume has spiked by more than 11% and the circulating supply of the token is 7.56B.

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Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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