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Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. Polygon (formerly Matic Network) was launched in October 2017.
Let us see what the technical analysis of MATIC unveils:
Past Performance of Polygon
For the last seven months, MATIC has been very volatile. Rising as much to $2.4544 and declining to a low of $0.6901 during these seven months.
The opening trade for MATIC on November 18, 2021, took place at $1.64. A week later, it closed at $1.69. This was an overall increase of 3.04% in a week. Whereas, the current 24-hour high is $1.83, while the 24-hour low is $1.66.
Source: https://www.tradingview.com/x/hm60dRiV/
MATIC Technical Analysis
Looking at the trend lines, we see that the trend is upwards. However, it is accompanied by frequent price corrections and slow movements. Thus, the price is expected to move upwards in the coming days, but not at a rapid pace.
The On-Balance Volume indicator shows that the trend line has a little slope in the downward direction. This is a signal that the buying volumes are reducing as compared to the selling volumes. However, this is not a very strong negative signal.
The RSI graph is moving near the equilibrium, while occasionally touching the 50% mark. Current it is at 53.93%. This is a neutral sign, signaling the traders to hold their current positions.
The MACD graph is showing that a bullish crossover can be seen anytime soon. This will give a boost to the price to move upwards, and this is a positive signal.
Polygon network is now on Nexo finance, offering holders and investors higher returns on the DeFi platform. The regulated crypto assets provider offers 150 market pairs to users. Users can now buy, swap, and borrow against MATIC.
The ongoing promotional offer gives users 20% interest and distributes daily. With the rising importance of multichain networks, activity on the Polygon network is on the rise. Nexo’s team is engaging with the Polygon network for various initiatives.
How MATIC Will Move Ahead
Thus, the overall signal from the indicators is fairly neutral. The traders may hold their current positions and make a call after a clear signal is seen. Meanwhile, they may place a stop-loss at $1.550. If the price starts to increase following the MACD’s bullish crossover, then the traders may keep a target at $2.
Currently, the price is struggling to cross the Fib pivot at $1.74 for 3 days. The direction in which the price crosses this level may decide the future of the price chart.