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Polygon Gains Support $0.5290; Good Time to Buy?

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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 24, 2023 | 2 min
Updated on Sep 03, 2023
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  • Matic faces challenges with a strong bearish bias after breaking key support at 0.60, now a resistant level.
  • Daily analysis reveals a bearish engulfing pattern, signaling a likely ongoing downtrend. MACD and RSI confirm bearish sentiment.
  • The 50-day EMA at 0.6150 acts as significant resistance. Candles above it hint at possible bullish reversal.
  • Indicators align with a selling trend, suggesting downward movement. Short position below 0.5900 could be considered, targeting 0.50.

Amidst recent market dynamics and the evolving landscape of cryptocurrency, Polygon (MATIC) has demonstrated a notable achievement by establishing a support level at approximately $0.5290. This development raises a significant question for investors and enthusiasts alike: Could this juncture signal a propitious moment to contemplate acquiring MATIC tokens?

 

Polygon, also known as the Polygon Network, has garnered attention for its scalability solutions and compatibility with the Ethereum blockchain. As the broader crypto market experiences fluctuations and shifts, the ability of a cryptocurrency to establish and maintain support levels becomes a pivotal consideration for traders and investors seeking strategic entry points. The $0.5290 level marks a point where MATIC has demonstrated resilience, suggesting a potential turning point in its price trajectory.

 

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

Polygon Price Prediction: Technical Outlook

The current price of Polygon is $0.549048, accompanied by a trading volume of $291,450,696 over the past 24 hours. Within this timeframe, Polygon has experienced a decrease of 3.96%. In terms of market ranking, it currently holds the #13 position on CoinMarketCap, boasting a live market capitalization of $5,116,833,263 USD. The circulating supply stands at 9,319,469,069 MATIC coins, with a maximum supply capped at 10,000,000,000 MATIC coins.

 

Presently, Matic is navigating a period of challenge, marked by a distinct bearish inclination subsequent to breaching the pivotal support level of 0.60. This particular level has since transformed into a formidable resistance threshold.

 

A meticulous assessment of the daily timeframe unveils the emergence of a bearish engulfing pattern, coinciding with Monday’s closure. This pattern strongly suggests the likelihood of an enduring downtrend. An evaluation of pivotal indicators, notably the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), positions them within the bearish zone. This observation underscores the enduring dominance of the existing bearish sentiment.

 

Moreover, the 50-day Exponential Moving Average (EMA), stationed at approximately 0.6150, assumes significance as a critical resistance juncture. With the prevailing market price of Matic just below the 0.55 threshold, the significance of candles concluding marginally above the 50-day EMA accentuates the potential for a bullish reversal.

 

Collectively, all indicators align harmoniously with a prevailing selling trend, magnifying the potential for downward movement. Thus, a judicious consideration would be to contemplate initiating a short position beneath the 0.5900 level in the earlier hours of the day, with a projected target set at 0.50.

 

On the flip side, an optimistic breakout surpassing the 0.59 threshold could bolster the prospects of a reversal, perpetuating the strength of bullish momentum. This development holds the potential to propel Matic towards its subsequent resistance tier situated at 0.6550.

 

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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