Polygon price analysis: MATIC stands above $1.52 support

Polygon price analysis for Feb 4 comes with a second consecutive green candle for the token on the daily chart. Moreover, the nearest support for Polygon rests at $1.52 while the price of 1 MATIC at the time of writing stands at $1.575. We saw MATIC fall below another important support of $1.6 as per our Polygon price analysis for Jan 30, 2022.

The data from CoinMarketCap shows that the current market rank of MATIC is 14 while the trading volume of the token dropped 19.92% in the last 24 hours. It is also to be noted that the market cap of MATIC went up by 4.99% in the same period. The volume/market cap ratio for MATIC currently stands at 0.06427. 

The daily candle started on Feb 4 at a price of $1.556 and reached a daily high of $1.595. Thereafter, due to the drop in trading volume, the candle went down to a daily low of $1.535. It seems that the price of $1.52 is standing as major support. Furthermore, the earlier lost support of $1.6 is now major resistance. It is also important to note that Polygon (MATIC) followed its ascending triangle, leading to a new ATH.

Polygon price analysis on the daily chart

EverChain’s integration with Polygon to bring a more regulated crypto market has been widely appreciated. Furthermore, the Polygon price analysis on the chart below shows that the MACD line broke above the signal line, confirming a bullish divergence.  

Source: TradingView

The Polygon price analysis via the daily chart below shows that the Accumulation line for MATIC is not making higher highs. On the other hand, Bitcoin price analysis for Feb 4 shows that the accumulation of BTC continues.

Source: TradingView

Conclusion

It can be concluded from the Polygon price analysis for Feb 4 that the world’s 14th biggest cryptocurrency might see higher prices in the future if the trading volume surges. Moreover, several venture capitalists (VCs) are considering backing the Ethereum layer 2 solution Polygon network with funding, as per a report from TheCoinRise.