After a bullish rally above 12%, Polygon (MATIC) rallied above $2 on Dec 1 and is currently holding above that point. This bullish momentum was attributed to the launch of the Polygon ETP on Euronext Paris and Amsterdam by 21Shares.
The candle for Dec 1 opened at $1.78 and reached a daily high of $2.094. This was eclipsed by a daily low of $1.770. However, the daily candle closed at $2.005, a rise of 12.34%.
As per a report from TheCoinRise, the MATIC token is forming an ascending triangle on the weekly chart, which is a very bullish scenario for the cryptocurrency.
On the other hand, the data from CoinMarketCap shows that the trading volume of the Polygon token surged by 58.14% while the market cap dropped by 1.50%. It seems that the traders took advantage of the bullish prices and sold at the top.
The daily candle for Thursday opened at $2.006, reaching a daily high of $2.202. However, this was followed by a bearish trend on the 4-hour chart, leading to a daily low of $1.948.
Polygon price analysis and breakdown
As per the current Polygon price metrics shown by the daily charts, the 50-day and 100-day Moving Averages continue to progress below the price action, which indicates a bullish scenario.
On the other hand, the prices broke out from the upper end of the Bollinger Bands, leading to a bullish upward trajectory. However, traders took profit, resulting in a long wick of the candle.
Polygon price chart by TradingView
The MACD indicator shows a bullish scenario for Polygon (MATIC) as the token grabs the 16th position in the market. The MACD line is just crossed above the signal line, leading to a bullish divergence on the daily candle as the histogram turns green.
The RSI indicator is also bullish as the buying pressure increases by massive numbers. The gradient is also positive, which means that higher prices are a must.
Polygon price chart by TradingView
Overall, we can expect Polygon (MATIC) to test $3 as the token tries to breach the existing all-time high.
While the market continues to show mixed signals, investors are having trouble figuring out the best entry and exit points. Therefore, here is TheCoinRise’s guide on tackling the main challenges in the crypto world.
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