As the wider market showed weakness, Polygon’s MATIC price has reversed its trend. The coin’s price has risen 0.2% in the past 24 hours.
MATIC’s rally of over 14% in the past week has pushed prices beyond multiple price ceilings. Although the altcoin trades sideways in the 1-day chart, the coin remains optimistic.
As demand for altcoin has increased, the technical outlook of this coin continues to favor bulls.
Buying strength also signified an increase, but this reading could be momentary as the bulls could lose steam if demand doesn’t remain consistent.
The immediate resistance point for Polygon can be seen before the bullish momentum finally wanes. Altcoins, including Bitcoin, have been moving down their charts.
Polygon remains among altcoins which have shown the presence bulls on its chart. To maintain positive momentum in its price, Polygon must continue trading above $0.96.
One-Day Polygon Price Analyse Chart
MATIC traded at $0.92 as of the writing.
On its 1-day chart, the altcoin moved sideways. In the past week, Polygon’s price has experienced a strong recovery.
To regain momentum, bulls must move the coin above its overhead resistance.
MATIC’s immediate resistance was $0.96. Moving beyond that, MATIC could see another resistance at $0.97, before touching $1.
Polygon has a support line at $0.86 that can be used to help if the buying momentum is lost. Then, it will go straight to $0.80.
MATIC was traded at a higher level in the previous session, which indicates that there is more demand.
As the market for Polygon fell in the past trading session, the buying power of the currency registered a rebound.
An increase in buyers could cause Polygon’s price to rise near the resistance line.
Relative Strength Index was up and moved over the 60-mark. This indicates that buyers continue to outnumber sellers significantly.
The price of Polygon was higher than the 20-SMA, which indicates that there is a lot of demand and buyers continue to push the market’s price momentum.
Polygon has also shown other technical indicators that indicate the bulls’ control. The chart showed optimism despite the decline in strength for the bulls.
The price momentum and strength of the direction are indicated by Moving Average Convergence Divergence
MACD approved the bulls since it presented green histograms that were the buy signal. Parabolic SAAR also indicates the strength and speed of price action.
MATIC may experience an upward trend over the following trading sessions if the dotted lines are below the price candlesticks.
Featured image from Mt Pelerin Charts From TradingView