Price Analysis

Polygon (MATIC) Price To Offer Another Buying Opportunity at $1.49 Before 15% Upswing

Written by: Elena R

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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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Feb 18, 2022

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Highlights

    Polygon price appears to be placed well within above the trend line and hence a significant bounce may uplift the price above the consolidation

    The asset despite bearish trend may rise high and test the $2 resistance at the earliest may be within Q1 2022

The MATIC price was expected to kick-start the rally much before the price had reached the apex of the prior consolidation. Woefully, the bears appear to be pretty strong and prevented the rally from getting intensified.

However, the bulls did not bow down and kept uplifting the price above the trend line, manifesting their strength. And hence the recent attempt of the bears dragging the price below the average levels also seems to have failed. 

Now when the MATIC price is manifesting extreme bullish momentum, it may still offer another buying opportunity before pulling the next leg up. The probable buy zone of the asset is around $1.479 and hence chopping around these levels, the asset may visit these levels yet again shortly. Here it may be a good entry zone for the asset which may eliminate the descending consolidating trend by surging high. 

Currently, the MATIC price appears to be pretty confident of the upcoming upswing as it is comfortably above the uptrend line. The asset could maintain a chopping around the trend line and slowly yet steadily hit the upper & crucial resistance at $2.

No doubt the asset had a fake out earlier but the current trend is a little distinct. Previously after a huge buying volume accumulation, the buyers got exhausted quickly which paved the way for the sellers to enter the ring. 

On the contrary, if the asset plunges below the trend line, the support at $1.49 could hold strong and offer a good buying opportunity. However, the current trend suggests an equal concentration of both the buyers and sellers.

And therefore despite the bearish trend, the buyers jumped in over the time to prevent excessive drain. And hence uplifting the support levels slowly, the Polygon(MATIC) price may explode and quickly hit the upper resistance at $2. 

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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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