Polygon Price Analysis: MATIC Corrects After 54% Rally

Polygon Price Analysis: MATIC Corrects After 54% Rally
фото показано с : coinjournal.net

2021-4-28 16:27

MATIC price reached a new all-time high of $0.91 but currently trades near $0.70

Polygon (MATIC) has seen its price against the US dollar rise to a new all-time high of $0.91 following its 54 percent gains on 27 April. The cryptocurrency has shaved off some of the gains as traders seeking short-term profits look to sell.

MATIC/USD is changing hands at around $0.72, down from its intraday highs above $0.90. It is possible MATIC will face increased sell-off pressure, especially if the much-anticipated altseason fails to tick up as Bitcoin struggles.

Despite the losses, the cryptocurrency remains more than 20% up on the day as of writing. Weekly gains currently stand at 112 percent.

According to analytics platform Santiment, Polygon’s on-chain metrics are strong to suggest further gains are possible.

The Polkadot rival has also seen a remarkable increase in the total value locked (TVL) in the protocol. DeFi Pulse shows that $1.19 billion worth of asset value is currently locked in the payments protocol, with that figure including an increase of over 19% in the past 24 hours. MATIC is currently the 15th largest DeFi project by TVL.

MATIC price analysis

The MATIC/USD pair saw parabolic action after breaking above the upper boundary of a parallel channel on 26 April. The breakout also resulted from a cup and handle pattern, with a new high formed when bulls broke above the previous resistance level at $0.53.

The 54 percent green candle took prices into discovery mode before the upside began to fade. The daily MACD and RSI suggest buyers are in command, which could aid a fresh punt on the upside.

If price turns higher, the main target is $1.00, with a potential run towards $1.50 if the wider altcoin market comes to life in the short term.

MATIC/USD daily chart. Source: TradingView

Although the price outlook remains bullish, an extended downside correction could spell danger for bulls.

The main support levels are at the 0.382 ($0.69) and 0.618 ($0.55) Fib levels of the upside to $0.91. If price breaks below these demand zones, a bearish flip could strengthen and see bears eye the 50 SMA line near $0.38.

The post Polygon Price Analysis: MATIC Corrects After 54% Rally appeared first on Coin Journal.

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Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
Капитализация $0 Rank 99999
Цена в час новости $ 0.799 (-100%)

matic price rally polygon analysis corrects journal

Источник: coinjournal.net

matic price → Результатов: 58


What is Matic Network? MATIC Price Prediction 2021

This is a two-faced article, where the first part takes a deep look at what is the project and who is behind it. Second part is our Matic price prediction 2020 and beyond. Matic Network strives to solve the notorious scalability and usability issues of Ethereum blockchain and blockchains in general, while not compromising on […] The post What is Matic Network? MATIC Price Prediction 2021 appeared first on CaptainAltcoin.

2021-9-24 14:44


Фото:

Will the MATIC Price Make a Comeback? [Premium Analysis]

After the massive December 10 price decrease, MATIC has struggled to approach its previous highs. We believe it will gradually increase but will be devoid of significant volatility. Even though MATIC decreased by more than 50 percent since its early December highs, it is still following a gradual upward trend since August — which is […] The post Will the MATIC Price Make a Comeback? [Premium Analysis] appeared first on BeInCrypto.

2019-12-24 00:53


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