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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 and flexible framework that supports building multiple types of applications. Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, two experienced blockchain developers and a business consultant.
Let us look at the technical analysis of MATIC.
Past Performance of Polygon
MATIC opened on 16 October 2021 to trade at $1.59. The week witnessed stability in the price after a correction. Later, the week ended with a close at $1.51 yesterday. This was an overall change of -5.03% across the week.
Source: https://www.tradingview.com/x/gt9SSxwF/
MATIC Technical Analysis
The MATIC can be seen to have a correction in the price, after which it is stable. The price is expected to remain stable for a few days, as even today the trading price is $1.51, which is only 0.7% above yesterday’s close.
OBV is showing a horizontal line at the end of its graph, meaning that the buying pressure is balancing the selling pressure. This is a neutral signal, meaning that the traders may hold their positions.
RSI is again showing a flat line in its graph. It is currently at 60.20%, which is a neutral signal. Traders may hold their positions here.
MACD is showing that there is a decrease in the slope of the fast line. This is again a neutral signal. Moreover, there is no divergence of the MACD graph from the price chart. Traders may hold their current positions.
Day-Ahead and Tomorrow
Fib numbers suggest that the MATIC price is currently at the Fibonacci pivot of $1.49. Further, the next fib target is at $1.63.
Thus, the indicators are neutral, meaning that the traders may hold their positions and wait for a clear call. Meanwhile, a stop-loss can be placed at $1.442 while keeping a target at $1.63.