- Polygon has broken its short-term downtrend, indicating an initially slower descent. There is no support found on the price chart, signaling further declines.
- Polygon has broken the medium to long-term downtrend channel, indicating an initially slower descent or the beginning of a more horizontal development.
- Long-term analysis shows that the cryptocurrency is in a long-term downtrend and is technically slightly negative.
MATIC is trading at around $0.52 levels; what is the important resistance level for MATIC to start rising?
Short-Term MATIC Analysis
Polygon has broken its short-term downtrend, indicating an initially slower descent. There is no support found on the price chart, signaling further declines. In the case of a positive response, the cryptocurrency has resistance at the $0.54 level. The cryptocurrency is considered technically negative in the short term.
Medium-Term MATIC Analysis
Polygon has broken the medium to long-term downtrend channel, indicating an initially slower descent or the beginning of a more horizontal development. There is no support found on the price chart, signaling further declines. In the case of a positive response, the cryptocurrency has resistance at the $0.59 level. The RSI is diverging positively from the price, indicating the possibility of an upward response. The cryptocurrency is generally considered negative from a medium-term technical perspective.
Long-Term MATIC Analysis
Polygon is in a long-term downtrend channel, indicating that investors are selling over time at lower prices, signaling a negative development for the cryptocurrency. The cryptocurrency is moving between support at $0.32 and resistance at $0.74. A decisive break of either of these levels will indicate a new direction for the cryptocurrency. The RSI is diverging positively from the price, indicating the possibility of an upward response. The cryptocurrency is technically slightly negative from a long-term perspective.
Polygon Price
Today’s Polygon price is $0.521388 USD, with a 24-hour trading volume of $192,717,962 USD. Polygon has lost 1.36% in the last 24 hours. It is ranked 14th on CoinMarketCap with a live market capitalization of $4,859,063,178 USD. There are 9,319,469,069 MATIC coins in circulation, and the maximum supply is 10,000,000,000 MATIC coins.
Summary
The MATIC analysis evaluates the cryptocurrency’s status from short-term, medium-term, and long-term perspectives. Short-term analysis shows that the cryptocurrency has broken its downtrend and is technically negative. Medium-term analysis indicates that the downtrend has broken but still presents a negative outlook. Long-term analysis shows that the cryptocurrency is in a long-term downtrend and is technically slightly negative. Investors should consider these analyses and monitor market conditions when making decisions.
