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Matic is one of the most liked and talked about crypto coins in the market.
It’s price is approaching resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken.
Once price breaks above resistance, it can advance higher to the next resistance level.
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MATIC Crypto Price Analysis
- Price: $0.58
- Market Cap: $5.45 billion
- 24-Hour Trading Volume: $480 million
- Circulating Supply: 9.2 billion MATIC
- Total Supply: 10 billion MATIC
Price is in a Downtrend but there are some improvements. After a bullish breakout from Falling Wedge, price rallied 20% to $0.58 and made a Higher High, which is a positive sign of potential trend reversal. It’s also bounced off of $0.33 support from Aug 5th.
Now it’s approaching $0.43 resistance. If it’s able to break above it, price could revisit $0.58 for a +30% potential upside.
Weekly Price Analysis
In the past week, MATIC (Polygon) has seen a 2.5% decline, opening the week at $0.595.
- 7-Day Change: -2.5%
- Week Open Price: $0.595
- Trend: Short-term trend is Neutral, Medium-term trend is Down, Long-term trend is Strong Down.Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing.
- Support and Resistance: Nearest Support Zone is $0.33.
Technical Indicators
- RSI: 45.2 (Neutral, close to oversold territory)
- MACD: Slight bearish crossover
- Bollinger Bands: Indicates moderate volatility
News Roundup
- MATIC to POL Migration: On September 4, Polygon completed its migration from MATIC to POL, marking a significant step in its technological roadmap.
- Polygon’s Carbon Neutrality Efforts: Polygon continues its initiative toward sustainability by achieving carbon neutrality through partnerships like KlimaDAO.
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