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The price of Polygon (MATIC) and other notable crypto assets has been experiencing some volatility lately. The fluctuations in the MATIC market can provide opportunities for traders and investors to make a profit.
In the past seven days, the price has witnessed a significant increase of 3.25%, indicating strong momentum from the bulls.
Analysis of the polygon (MATIC) bullish momentum
Polygon is the scaling solution for Ethereum, and the increasing adoption of the network could push the price up as demand grows in the long run. As of today, the price of Polygon (MATIC) stands at $0.8861 in the last 24 hours, up 1.64%.
This price movement suggests positive market sentiment and growing demand for the asset. It also indicates that the bulls are ruling the market. Also MATICS Dominance and social feelings are above 50%, indicating neutral pressure.
Since both market dominance and social sentiment are rising above 50%, this implies that MATIC has positive sentiment among investors in the crypto market.
The MATIC/USDT pair has a bullish flag pattern, suggesting a potential trend reversal and an end-to-downtrend move.
The breakout that occurred in the bullish flag pattern can be considered as a confirmation of a trend reversal for traders and investors. if tThe asset is trading between its support and resistance levels of $0.8399 and $0.9086, traders closely monitor these levels for possible breakouts.
If MATIC breaks above the significant resistance level, it will start a bullish trend. The next support and resistance level is $0.5142 and 1.5799.
However, if MATIC breaks below the $0.7536 support level, it could signal a bearish trend and traders could look for selling opportunities.
MATIC bears are currently trying to build momentum, but the bulls are holding tight to their respective positions. This signals a consolidation phase and a potential long-term upside if the bulls maintain this strong momentum.
MATIC Technical analysis using indicators
The token has been in a downward trend since April 18, when the bears took over the market. But rRecently, the asset has been showing signs of a possible trend reversal.
The moving average convergence divergence (MACD) is trading above the signal line. This indicates a potential bullish trend in the market. Also, the histogram is above zero with strong green, confirming the bullish sentiment.
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In addition, the Relative Strength Index (RSI) momentum oscillator has a reading of 42.35, indicating neutral pressure from the bulls and bears.
The market is trading below the 50 days and 200 days Simple moving averages (SMA). This suggests a possible bearish move. Nevertheless, the token bounced off a critical $0.88 support level and could attempt to continue the bullish move.
Featured image from Pixabay and chart from Tradingview
