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Polygon Price Analysis: MATIC Price Enters Consolidation, Poised for an Uptrend

Matic saw a price rise in the mid-second week of March 2021, hitting its trading ATH of $0.541. As per our previous Matic Price Analysis, we predicted a consolidation before a strong move. The prices are performing better than our analysis and have taken the $0.36 levels as support. 

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The co-founder of MATIC, Jaynti Kanani, replying to a Twitter user expressed his pleasure over the trading volumes of Matic over various trading platforms.

As per coinmarketcap.com, the Matic’s market capitalization is $1,904,363,459, with a total supply of 5,011,255,458 MATIC. 

Another analyst suggests huge surges in the prices of Matic  for the year 2021, that could surpass $4.

Price Analysis of Polygon-Matic

As per the pole and pennant pattern formed and the various indicators, the possibility of a strong trend is high. The pattern formed after price hitting the ATH is resembling a flat bottom descending triangle, which indicates the possibility of bullish momentum if the trend line with reference to the lower highs gets broken. 

matic pricce

The profit-booking sessions have ended, but seems like the prices are accumulating to form a base support at $0.36.The price faced Multiple rejections at $0.42 level, which will act as the first resistance. 

Also Read : Polygon Price Prediction: Will MATIC Price Crash or Rise?

Also, the RSI rests at 43 levels, indicating slight leniency towards the oversold zone. MACD levels show the overlapping of lines, which is common during the consolidation stages. Bollinger bands are narrowing down, which is a strong momentum forecast.

As mentioned earlier, strong momentum is inevitable, but the direction depends on the next two-three trading sessions. There are 60% chances of a bullish moment in the upcoming trading sessions.

  • Support level: $0.36, $.33
  • Resistance Level: $0.42
  • MACD- Neutral
  • Daily Chart- Bullish 0.6%

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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