Polygon (MATIC/USD) Recovers From Below the Year’s Low Price Level
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In the previous daily session, we saw a steep crash in the Polygon market, losing about 20% in the last 24 hours. The price of the market fell below the $0.74 price level, which was the price on January 4. This kind of strong bearish move can trigger a significant bullish move as investors may become interested in buying the dip in this market, which is lower than the year’s all-time low.
Polygon Market Data
- MATIC/USD Price Now: $0.62
- MATIC/USD Market Cap: $6,060,467,871
- MATIC/USD Circulating Supply: 9,289,469,069 MATIC
- MATIC/USD Total Supply: 10,000,000,000
- MATIC/USD CoinMarketCap Ranking: #11
Key Levels
- Resistance: $1.00, $1.200, and $1.300
- Support: $0.500, $0.400, and $0.300.
Price Prediction for Polygon (MATIC): The Indicators’ Point of View
However, Polygon bulls gathered around the $0.5 price level in the previous daily session and sent the market back a little bit on recovery. Also, the volume of trade indicator reflects massive activities in the Polygon bear market in the previous daily session. Due to the massive selling, the price plunged deeper into oversold territory. However, in today’s trading session, we noticed some impressive bullish recovery as the market maintained the $0.62 price level for now. Some investors are buying the dip, which may eventually restore balance to the market.
However, by the looks of the candlestick that represents today’s market, which is a plus sign doji, it suggests that the Polygon market may take time to strengthen the $0.62 price level in a consolidation trend before the market reclaims higher price levels.
The Polygon (MATIC) Market 4-Hour Chart Outlook:
From the 1 hour chart, we notice that the $0.629 price level might pose a significant barrier to the recovering market. However, as the week begins, the market might gain enough strength to break this barrier. In the 16th hour of the previous day’s trading session, the trading volume indicator showed that the market witnessed significant activity, but the price did not make significant movement either way due to indecision. But currently, the tension in the market is on the decline. The tension may increase again as the trading week begins fully because the Polygon market has a high level of investor interest.
