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Polygon Consolidates Near $0.5500; Quick Daily Outlook

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on August 29, 2023 | 1 min
Updated on Sep 03, 2023
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  • Matic’s technical outlook remains steady, consolidating between 0.530 and 0.5290, with market indecision evident in consistent candle closures.
  • Key indicators like RSI and MACD are neutral, while the 50-day EMA supports Matic at the 0.5309 level, indicating potential bullish momentum.
  • Traders should watch the 0.5833 level closely: a bullish move could target 0.6000 or 0.6400, while a decline might reach 0.5000 or 0.4815.

Polygon, a key player in the crypto arena, seems to be finding its footing around the $0.5500 mark. As traders and enthusiasts look for the next directional cue, this consolidation phase offers a moment of respite from the often volatile world of digital currencies. Let’s dive into a quick daily outlook to shed some light on the potential trajectories for this digital asset in the near term.

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MATIC/USD Price Chart
MATIC/USD Price Chart – Source: Tradingview

Polygon Price Prediction: Technical Outlook

Today, Polygon is trading at $0.557092, recording a 24-hour trading volume of $251,143,950. Over the past day, its value has risen by 1.11%. On the CoinMarketCap leaderboard, Polygon currently holds the #13 position, boasting a market capitalization of $5,191,797,087 USD. Currently, there are 9,319,469,069 MATIC coins in circulation out of a maximum supply of 10,000,000,000 MATIC coins.

 

From a technical perspective, Matic’s outlook has been consistent over the past few weeks, consolidating within a specific range marked by an upper boundary of 0.530 and a lower limit of 0.5290. The consistent candle closures within this bracket hint at indecision among investors, which explains the market’s hesitation to lock in any substantially profitable trades. Nonetheless, there are moments where traders could potentially sell below the upper boundary and buy above the lower limit, offering opportunities for nimble trading sessions.

 

Key technical indicators, including oscillators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), currently linger in a neutral zone. Concurrently, the 50-day Exponential Moving Average (EMA) offers support to Matic’s price around the 0.5309 level, suggesting that bullish momentum could still prevail.

 

For the immediate future, it’s crucial to monitor the 0.5833 level. A bullish crossover above this marker could propel Matic’s price towards 0.6000 or even an optimistic 0.6400. Conversely, a bearish decline below 0.5275 has the potential to drive Matic’s valuation down towards the 0.5000 or 0.4815 levels. Traders should remain vigilant within this trading range and be prepared to capitalize on breakout opportunities.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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