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Polygon Price Analysis: MATIC drops further, finds support above $1.55

Analytics

www.cryptopolitan.com 28 November 2021 13:35, UTC
  
Reading time: ~2 m

  • Polygon price analysis is bullish today.
  • MATIC/USD saw another selloff overnight.
  • Support at $1.55 still holds.

Polygon price analysis is bullish today as we expect recovery to follow after another drop lower. Since support was found at $1.55 again, MATIC/USD should regain some of the loss over the next 24 hours.

Polygon Price Analysis: MATIC drops further, finds support above $1.55 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has had mostly bearish results over the last 24 hours. Despite the market leaders, Bitcoin and Ethereum, up by 0.31 and 0.4 percent, respectively, most of the top altcoins trade in the red.

Polygon price movement in the last 24 hours: Polygon continued to decline, spiked to $1.55 support

MATIC/USD traded in a range of $1.54 – $1.70, indicating strong volatility over the last 24 hours. Trading volume has declined by 33.78 percent, totaling $840.4 million, while the total market cap trades around $11.2 billion, ranking the coin in 19th place overall.

MATIC/USD 4-hour chart: MATIC looks to retrace from $1.55

On the 4-hour chart, we can see further downside rejected for the Polygon price action as the $1.55 mark prevented further downside.

Polygon Price Analysis: MATIC drops further, finds support above $1.55
MATIC/USD 4-hour chart. Source: TradingView

Polygon price has seen a strong advance over the past weeks. After finding support at $1.45, MATIC/USD started to set higher lows until a strong push higher was seen on the 25th of November.

MATIC peaked at around $1.95, setting a strong swing higher high. However, a sharp retracement followed, quickly leading the market price back towards previous lows.

Support was initially found at $1.60. After a slight consolidation, another push lower followed yesterday, leading to the current support at $1.55. From the newly found support, we expect another recovery to follow over the next 24 hours.

Polygon Price Analysis: Conclusion 

Polygon price analysis is bullish today as we expect recovery to follow after another drop overnight to the $1.55 support. Likely, MATIC/USD will likely move towards $1.65 previous support/resistance level to set another lower high.

While waiting for Polygon to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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