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Polygon Price Analysis: MATIC set to spike to $2.5 by midnight


www.cryptopolitan.com 09 December 2021 13:01, UTC
Reading time: ~3 m

  • Polygon price analysis is slightly bullish today.
  • MATIC/USD gained 2 percent since yesterday, becoming the only gainer in a bearish market.
  • Support was found at $2.2 this morning.

The price of a triangle is higher today, owing to the anticipated re-acceleration following a quick reaction increase from the recently identified swing low. As a result, we anticipate that MATIC/USD will rise later today and test previous support as resistance at $2.6.

Polygon price movement in the last 24 hours: Polygon continues to decline, spikes below $2.5

Technical analysis suggests that the price of MATIC is due for a quick reaction increase from the recently identified swing low. MATIC/USD has been up 2 percent since yesterday, becoming the only gainer in a bearish market. Support was found at $2.2 this morning after a sharp sell-off on Sunday evening. The price of a triangle is higher today, owing to the anticipated re-acceleration following a quick reaction increase from the recently identified swing low. As a result, we anticipate that MATIC/USD will rise later today and test previous support as resistance at $2.6.

$2.6 is the peak of the descending triangle resistance, which will most likely prevent further upside movement by MATIC/USD today. We expect the price to decline after testing this level for resistance.

Therefore, there are still many scenarios that can play out within the next few days weeks) until we have a clearer picture of what is happening with MATIC/USD.

MATIC/USD 4-hour chart: MATIC starts to react higher

On the hourly chart, we can see that Polygon’s price action has found significant support at $2.00 this morning, suggesting a rapid rebound over the next 24 hours.

MATIC/USD 4-hour chart. Source: TradingView

Over the previous weeks, Polygon’s price has fallen gradually. On November 28th, the price of MATIC/USD fell as low as $1.7 before staging a modest rebound.

The second low was $1.9, resulting in a sluggish slide for the first few days of December. After some consolidation on Thursday, MATIC began to fall rapidly yesterday.

After the sellers gained control, it took only minutes for Polygons’ price to fall through $1.7 and establish a new low of $2.1, allowing more selling to take place. Throughout the weekend, strong selling pressure persisted, pushing the Polygon price down to $2.1 overnight. However, since then, buying pressure has quickly returned, most likely helping MATIC/USD regain some of its losses over the weekend.

Polygon Price Analysis: Conclusion 

Today, Polygon price analysis is favorable as we saw a significant fall followed by an immediate rejection at $2.22. As a result, we believe that MATIC/USD will recover and spike to $2.5 next.

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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