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Polygon Price Analysis: Polygon resumes bullish rally and sets higher low at $1.50

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TL;DR Breakdown

  • Polygon price analysis is bullish for today
  • MATIC/USD traded in a range of $1.51 – $1.64

Polygon Price Analysis: General price overview

Polygon price analysis is bullish for today as a new higher high was set yesterday, and the market price started to rally from there. Therefore, we expect MATIC/USD to see further advance and try to set another higher high above the $1.60 mark.

The general cryptocurrency market performed bullishly over the last 24 hours. Market leaders BTC and ETH lost by 0.98 and 0.81, respectively. Meanwhile, Cardano (ADA) is among the best performers, with a gain of almost 6 percent. Other gainers include Dogecoin, Solana, and Polkadot

Polygon price movement in the last 24 hours: Polygon begins to rally

MATIC/USD traded in a range of $1.51 – $1.64, indicating moderate volatility over the last 24 hours. Trading volume has increased by 13.68 percent and totals $1.36 billion, while the total market capitalization traded around $10.5 billion, ranking the cryptocurrency at 17th place overall.

MATIC/USD 4-hour chart: MATIC targets $1.70 next?

On the 4-hour chart, we can see the Polygon price action rallying overnight as bulls look to break above the $1.64 resistance.

Polygon price action has traded with a strong bullish momentum over the past month. After finding support around $.95 on the 20th of July, MATIC/USD started to rally and broke past the previous swing high of $1.10 on the 14th of August.

From there, further upside followed until the $1.61 mark was reached. Bulls lacked the momentum to push the market higher over the following days, and a retracement of around 20 percent followed the $1.10 previous resistance level.

Yesterday, we saw the Polygon price consolidate above this support as a base to move higher was established. Overnight, MATIC/USD started to rally and moved past the local high of $1.50, indicating a reversal back to the upside.

Polygon price analysis
Source: Tradingview

Overall, we expect Polygon to continue moving higher later today and try to breach the $1.61 current swing high next, with the next target located around $1.70.

Polygon Price Analysis: Conclusion 

Polygon price analysis is bullish today as bulls have started to push the market higher after establishing a higher low around the $1.50 mark earlier this week. Therefore, we expect MATIC/USD to try to breach the $1.65 previous high next and move further to the $1.69 next significant resistance.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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