Polygon price prediction: Matic aims to surpass intraday highs

Summary

• Polygon price prediction is bullish today.
• MATIC/USD is currently trading at $1.27.
• Bulls are ready to push higher.

Polygon’s price is rising today, as a higher low was set at the $1.25 support yesterday, with bullish momentum taking over since. As a result, we anticipate MATIC/USD to rise even further in the next 24 hours.

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside, so there may be some more weakness. However, RSI appears ready for an upward crossover, which could pave the way for further recovery. A break past the previous swing high at $1.505 could be enough to confirm a long-term trend change and allow for more gains.

Polygon price movement in the last 24 hours: MATIC rest at $1.25

Following a recent upswing, Polygon is currently down by less than 1%. Following the October 2nd low of $1.28, support was found at $1.24 in MATIC/USD. On September 3rd, a higher low was created, and bulls are pushing for greater prices in the next 24 hours, with resistance located at the .618 Fibonacci Retracement at around $1.32. A wick from October 4th has now made a high of $1.33, and greater price action will likely take place in the coming hours as traders decide whether to buy or sell.

A dip below $1.25 will most likely see MATIC fall to the next support level around $0.97, while a breakout above $1.34 will weaken this support and carry MATIC/USD towards resistance levels of $2 and beyond.

At the time of writing, MATIC/USD is trading at $1.3, and the daily trading volumes are at 920.9 million. Meanwhile, the total market cap is currently at $9.2 billion, According to data from CoinMarketCap.

MATIC/USD 4-hour chart: MATIC price action is slightly bullish

On the 4-hour chart, bulls are once again pushing the Polygon price action higher, indicating that we may see additional higher highs today.  The bulls are in control and look to make gains across the market.

The Polygon price entered into a short-range yesterday after correcting lower from $1.40. Trading volume is picking up significantly on the dips. 

The next resistance area lies around the 23 percent retracement of the last drop from $1.40 to $0.98 at around $1.34. This could be weak if the market sentiment turns bullish once again later today, as indicated by the Polygon 4-hour RSI indicator.

The following support area lies at $1.08, which has been a price to watch for the last couple of days, with the 100 and 200 moving averages acting as further support in this area.

MATIC/USD 4-hour chart. Source: TradingView

This month’s price chart for Polygon shows a resumption of bullish momentum. A new major swing low was established after trading in an increasingly narrower consolidation range at the end of September, culminating with the $1.05 support.

A fast spike higher on October 2nd sent the Polygon price to a fresh multi-week high of $1.36. The retest of the $1.25 mark as support followed, with further selling rebuffed, suggesting that bulls would continue climbing.

Polygon Price Prediction: Conclusion 

The market is showing signs of exhaustion, with a failure to hold the previous day’s highs. A new higher low was established above $1.25, and the market has advanced since then. Indicating that it may be time for bulls to retake control. We anticipate that they will push MATIC/USD higher in the next 24 hours.

Also, read our Avalanche and Bitcoin price predictions