Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, aiming to enhance scalability and reduce transaction costs.
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MATIC Crypto Price Analysis
- Current Price: $0.3703
- Market Cap: $991.5 million
- 24-hour Trading Volume: $3.2 million
- 24-hour Low/High: $0.3696 / $0.3765
- Circulating Supply: 2.68 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 now pulled back near $0.33 support, which has held a couple of times recently and could be a swing trade entry opportunity, with +25% upside potential back to $0.43 level.
Weekly Price Analysis
Polygon has shown a slight recovery over the past week, gaining around 0.3%, although it’s still down significantly from its all-time high of $2.92 in December 2021. Over the past year, MATIC’s price has dropped by about 28%.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.33. Nearest Resistance Zone is $0.43, then $0.58.
Indicators and Technical Analysis
- RSI: currently stands around 46.17 on the weekly timeframe.
- Moving Averages: The short-term moving average (50-day MA) is currently below the long-term average (200-day MA), confirming a bearish outlook in the weekly timeframe.
- MACD: indicates bearish momentum in the long term.
Recent News Roundup
- Tokenization on Polygon: Xalts, a fintech company, recently launched a tokenization platform for real-world assets (RWA) on the Polygon blockchain. This new platform aims to provide developers with tools to build asset tokenization applications.
- Assetera’s Adoption: In another development, Assetera, a regulated secondary market platform in the EU, chose Polygon to offer tokenized financial instruments and real-world assets to institutional clients.
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