Polygon Price Analysis $1.43 |

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Polygon price analysis $1.43 |

Summary of the situation

  • Polygon’s share price analysis highlights MATIC’s exit from the prevailing downward wedge pattern.
  • Polygon is aiming for a higher high on the 24-hour chart.
  • The moving average on the four-hour 50 line provides support for MATIC after a sudden spike in selling pressure.
  • Over the past month, the polygonal whale population has declined significantly.

Polygon continues to post lower highs as part of its ongoing consolidation phase since the 26th. May hard. The cryptocurrency is currently trying to break out of a descending sloping pattern. However, MATIC seems to be struggling to hold on to the upward price movement now that the whales have started to sell their shares.

Polygonal price analysis: Price Overview

Since the start of trading today, Polygon has experienced a gradual upward price movement. Still, the cryptocurrency seems to be stuck in a tight range, as it has been in a consolidation phase in a descending wedge pattern since late May. Due to these events, the crypto asset recently attempted to retest its ATH but failed to gain enough upside momentum. This has resulted in Ethereum hitting higher highs and lower lows. Polygon is currently struggling to continue its upward movement on the price chart, aiming to break through the upper boundary of the falling wedge. It is interesting to note that the upper boundary of the downward wedge coincides with the 50-hour moving average, which acts as the first line of defense of the polygon. If Polygon succeeds in breaking this cap, it will confirm the acceleration of interest in the cryptocurrency. However, the critical indicators seem to speak a different language. For example, the Momentum Reversal Indicator (MRI) recently gave a sell signal that should indicate a local top. Due to the sell signal indicator, Polygon could experience a quick reversal of fortune.

Price changes in the last 24 hours

Source: TradingView Despite the overall bullish outlook, Polygon’s rise seems threateningly limited. This is because of the many hurdles that cryptocurrencies face. Thus, the 38.2% Fibo expansion level at around $1.5 would act as a critical resistance barrier for Polygon if the MRI information is correct. In addition, the 4-hour 100 moving average and the 4-hour 200 moving average are expected to pose serious resistance for the cryptocurrency. Resistance is expected at $1.6, the price area where the two technical indicators met. In addition, market participants should keep an eye on the 4-hour 100 moving average, as it is currently below the 4-hour 200 moving average. So this should be a concern for investors. If Polygon loses its current support level of $1.44, which coincides with the 50-hour moving average, the cryptocurrency could fall to a 27.2% retracement level. The 27.2% retracement level coincides with the $1.27 price level. If so, Polygon would be in a demand range of $0.93 to $1.21.

polygonal graph over 4 hours

The gradual decline of MATIC tokens is also a major challenge for the cryptocurrency, as Polygon addresses of 10,000 to 1,000,000 tokens have gradually lost value since mid-May. Despite this, the number of retail investors with less than 1,000 tokens continues to grow, meaning cryptocurrencies remain competitive in the long term.

Supplement

IoTeX recently contacted the media to announce the addition of Polygon to its cross-chain exchange token platform in development. Polygon, which is one of the fastest growing blockchain platforms in the space, is expected to benefit greatly from this partnership. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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