Polygon (MATIC/USD) Approaches a Comfortable Price for Demand
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Polygon has maintained its $0.0937 support level since the beginning of the year. The market opened at the initial level of $0.758. Then, a strong bullish sentiment at the beginning of the year pushed the market upward, and then, after a retracement, it found a new higher level of support for the market on January 18. Since then, MATICUSD has continued to fall back to the support level. The market’s all-time high for the year was $1.55 before the bear market was triggered.
MATIC/USD Price Statistics
- MATIC/USD Price Now: $0.09822
- MATIC/USD Market Cap: $9,099,442,866
- MATIC/USD Circulating Supply: 9,249,469,096 MATIC
- MATIC/USD Total Supply: 10,000,000,000
- MATIC/USD CoinMarketCap Ranking: #8
Key Levels
- Resistance: $1.2, $1.3, and $1.4
- Support: $0.9, $0.8, and $0.7
Price Prediction for Polygon: The Indicators’ Point of View
Although the bear market was triggered on February 18 at the peak of the bull market, the force behind the bullish trend was still strong enough to keep the market on a sideways-ranging price movement. A steep decline was hindered, and since March 10, the market has been consolidating. But from April 19 to date, Polygon has slipped slowly towards the support level, as it could gain traction from there. Currently, it looks like a new demand line is forming at $0.9611. In the Moving Average Convergence and Divergence (MACD), the two lines below level zero are about to form a bullish crossover. Also, the RSI line in the Relative Strength Index continues to range at level 38 due to indecision. This brief price consolidation should precede a price breakout.
MATIC/USD 4-Hour Chart Outlook:
From a 4-hour perspective, the price has moved away from the deep sell zone and has reached the level of equilibrium. The market has caught up with the 20-day moving average, but the outlook of the candlesticks suggests intense struggle. The market may be dealing with a lack of interest at the moment. As soon as the volume of trade begins to rise, the price will also begin to rise because the market is set for a bullish action.
