Polygon (MATIC) Shows Why It Is A Force On Chart And On-Chain

  • MATIC rallies have high volume and break above $1 once in a while. Bulls eye $1.3.
  •  MATIC’s price, both on chart and on-chain, shows how it has had a fair share of the bear market and would continue to bloom.
  • DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

Recently, the Polygon price (MATIC), showed great price action. The price climbed to $1 and broke through this area that was proving difficult to crack recently for Polygon price (MATIC). There has been some relief in the crypto market, as Bitcoin (BTC), which is showing great momentum, rallies and drags it, has seen some good results. Polygon’s (MATIC) rally and strength have proven otherwise, one of the projects many traders and investors are keen on accumulating. Data from Binance

Polygon (MATIC), Price Analysis on The Weekly Chart

Many altcoins have continued to show over 2000% growth over the last week, breaking free of range bound movement. This is a sign that many people believe there may be more hope in the cryptocurrency space. 

Although things looked somewhat skeptical in the beginning, they are starting to look better for certain altcoins. BAND rose over 100% in 24 hours and showed that volume was increasing for orders. The price of MATIC hasn’t lagged either, as it aims to rally higher, holding off sell orders at a region of $0.85.

MATIC’s price dropped from $3 a few months ago. It has struggled to rally from that low, which has been euphoric for many. This has attracted the attention of traders and investors as well as partnerships deals. 

MATIC’s price was trading at $0.35 on its weekly chart. The price quickly bounced back from that region and jumped to $1. It then rejected the offer to $0.77. The price rebounded after it formed strong support at $0.95. This price is aiming to rise past $1.3

Weekly resistance for the price of MATIC – $1.3.

Weekly support for the price of MATIC – $0.85.

Analyse of Price for MATIC On the Daily (1D) Chart

Source : MATICUSDT At Tradingview.com| Source: MATICUSDT On Tradingview.com

The daily MATIC price continues to be strong. It broke through its range price movement and reached a peak of $1. MATIC hopes for a rally towards a daily high at $1.3, where it could encounter major resistance. 

The price of MATIC trades at $1.12 above the 50 and 200 EMA, which indicates a good relief sign for MATIC’s price on the daily timeframe. Prices are supported by the EMAs. The $0.9 price and $0.85 prices correspond to each other. 

Daily resistance for the MATIC price – $1.3.

Daily support for the MATIC price – $0.9-$0.85.

An Onchain Analysis of MATIC

MATIC price on-chain analysis | Source: On Messari.io

The on-chain analysis shows that MATIC’s price looks more reasonable despite the drop of 60%. MATIC’s price has been increasing steadily over the past 3 months, and it is producing an acceptable return on investment (ROI), for assets that are held. 

Featured image from zipmex and Charts From Tradingview.

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