Polygon price analysis for today reveals a relatively negative outlook after a bearish trend yesterday. The market opened at $0.87 and traded between an intraday high of $0.88 and a low of $0.84 before closing the day 4.97 percent lower at $0.832.The bulls are currently defending the $0.8 support level whereby this is the point at which the market found some respite last week when prices were tumbling.
The MATIC/USD pair currently has a market cap of $6.66 billion while the trading volume over a 24-hour period is $926,548,675.40. The token is down by 1597 percent in the last 7 days and has a circulating supply of 8,006,803,853 MATIC. There is a strong rejection at the $0.85 resistance level as the price tumbles to support at $0.8.The finnobacci retracement indicator placed on the 4-hour timeframe reveals that the 61.8 percent Fibonacci retracement level with limits between $0.9 and $0.85 was holding as support before the latest breakdown.
Polygon price analysis: Bears dominate the market as prices break support at $0.84
The 1-day timeframe on our today’s Polygon price analysis is pretty much bearish. We had a Doji candlestick pattern form yesterday which is an indication of indecision in the market. The MACD indicator is currently deep in the bearish territory as well and this means that the downward momentum is likely to continue in the near term.
The main support levels to watch out for are $0.8 and $0.78 while the resistance levels are at $0.85 and $0.9.The technical indicators in the daily chart are currently giving a bearish signal. The Scholastic oscillator has just crossed into the oversold region while the RSI indicator is trading at 36.86.
Most of the moving average lines are pointed to the bearish divergence and this means that there is a high probability that the prices will drop even further in the near term. For instance, the 20-day moving average is currently trading at $0.8596 and this is well above the current market price. This is a strong bearish signal that prices are likely to continue falling in the near term as the bears take control of the market.
Polygon price analysis in the 4-hour chart: The market is oversold and a relief rally is overdue
The 4-hour timeframe on our Polygon price analysis today reveals that the market is currently oversold. This means that there is a likelihood of a relief rally in the near term as the bulls take advantage of the oversold conditions to push prices higher.
The price is stuck between strong support at $0.8 and resistance at $0.85. A break above the resistance level will see prices rally to $0.9 while a break below the support level will see prices tumble to $0.78.The prices have maintained at this particular level for some time now and a breakout is imminent.
The MACD indicator is currently deep in the bearish territory and this means that the downward momentum is likely to continue in the near term. However, the indicator is close to the centerline and this means that the downward momentum is slowing down.
The RSI indicator is currently trading at 36.86 and this means that the market is oversold. This is a bullish signal that prices are likely to rebound in the near term as the bulls take advantage of the oversold conditions to push prices higher.
Conclusion
In conclusion, our Polygon price analysis today reveals that the market is currently bearish but a relief rally is overdue as the market is oversold. The main support levels to watch out for are $0.8 and $0.78 while the resistance levels are at $0.85 and $0.9.The general market weakness has been attributed to the depreciation in the value of Polygon as the token tumbles to support at $0.8.
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