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Polygon Price Analysis: The MATIC Coin Price Wavering Above The $1 Mark

Polygon Price Analysis
  • The MATIC coin shows multiple Doji type candles hovering above the $1 level 
  • The MATIC/BTC pair was trading at 0.00002687 BTC with a gain of 0.21%
  • The 24hr volume in MATIC coin is 474.6 Million
MATIC/USD on Tradingview

The MATIC coin shows an amazing ‘V’ shaped recovery with a more than 60% gain to the $0.67 bottom support buyers. Furthermore, the price has also given a breakout from the $1 mark, which must have lured more buyers into the coin market. However, the price is still wavering above the $1 level, slowly drying up the excitement of the MATIC buyers. The current price of the MATIC coin is $1.05, with an intraday gain of 3.93%

Concerning the EMA’s, the MATIC coin is trading above the 20, 100, and 200 EMA’s, indicating a bullish trend. However, due to the sudden movement in the price, some of the EMA’s have crumbled up together, which could confuse the MATIC traders.

The RSI (BULLISH) value is at 55, indicating the bullish sentiment in the coin. 

MATIC Coin Crypto Chart In The 4hr Time Frame

MATIC/USD on Tradingview

The MATIC coin shows the formation of a small range in the 4hr time frame. This range could provide a decent opportunity for the MATIC traders providing the price offers a decisive breakout from either of the levels of this range.

The MACD indicator (NEUTRAL) shows the MACD and the signal line are sitting precisely at the neutral zone(0.00), indicating a neutral sentiment in the price. However, the indicator shows a strong bearish divergence in these lines, indicating weakness in the bullish momentum.

Conclusion:  The kickEX exchange has announced the Polygon Matic is going to be listed today, i.e., on 4th August 2021, on their exchange. This new news could attract more market participants in this coin, resulting in the increasing volume of activity in this coin.

Furthermore, from the technical perspective, the overall trend of the MATIC coin is strongly bearish. However, the $1 resistance breakout was an excellent opportunity for the MATIC traders, but the inactive price movement above this level has created some doubts about validating this breakout. Thus, the MATIC can wait for the price to break out from the 4hr chart to get a proper confirmation of the price motive.

Support– $1

Resistance- $1.22