Home Cryptocurrency Polygon Price Analysis 40% |

Polygon Price Analysis 40% |

by Gordon James

A new cryptocurrency has recently appeared on the market, and we’re going to take a look at it and see what’s going on.

Blockcon.io is a cryptocurrency market news website that provides cryptocurrency price and market analysis. Our analysis of prices of more than 50 cryptocurrencies has proved to be the world’s leading source of real-time price information. Our articles are published daily Monday–Friday with a focus on news and price movements.

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Summary of the situation

  • Polygon’s analysis of the price highlights the currency’s resilience despite the general market slump.
  • The polygon no longer forms the bottom of the cup with the handle.
  • IOMAP shows that MATIC is likely to experience significant resistance near its current price.
  • Daily volume continues to decline, indicating a lack of enthusiasm among buyers.

Despite the collapse of cryptocurrencies scaring market players, Polygon is up 120% in May. On the other hand, bitcoin has lost about 40% of its value. In addition to the number one cryptocurrency, altcoins like Polka Dot, Ripple, Ethereum, Cardano and many others have also posted significant losses. Overall, the cryptocurrency market lost about 24% of its value in the May wave.

Polygonal price analysis: Price Overview

Polygon’s share price was positive during the May decline, despite a 75% drop in value. Polygon posted an impressive gain of about 230% from its correction low on the 23rd. May. This has led to the cryptocurrency extending its negative correlation with the king of cryptocurrencies, bitcoin. For one season MATIC promoted the idea of a cup holder with handle, which has since disappeared. Like most major cryptocurrencies, Polygon saw a 230% price jump after the recent stock market crash and quickly formed a cup and handle technical base. Basic training was reliable with performances. The dial, which usually adjusts the top half of the base, blinked at increasingly lower volumes, while the right side of the cup reported above-average volumes. The low volume represented by the handle shows that weak MATIC holders have been pushed out of crypto assets, increasing the likelihood of a sustained price recovery.

Price changes in the last 24 hours

Source: TradingView According to the 24-hour price chart, Polygon is currently trading below its 50-12 hour moving average at around $1.72. Based on today’s price action, it looks like Polygon is in danger of a pullback that could see the cryptocurrency head towards the 61.8% Fibo retracement price level from May. This level coincides with the price level of $1.17. As expected, if the crypto-currency market continues its volatility, MATIC could break through the 78.6% Fibo retracement level around $0.95. In a worst-case scenario, the cryptocurrency could break through the 2021 uptrend line, which currently stands at $0.98. On the other hand, the polygonal price movement may break the above barriers and register a double bottom on the intraday price chart. This will allow MATIC to climb to the $1.98 price level and trigger a rally similar to that seen on May 26. when the cryptocurrency reached the $2.71 mark.

polygonal graph over 4 hours

Source: TradingView Polygon Price Analysis 40% | In terms of intra-chain metrics, the IOMAP model shows that Polygon’s stock price faces strong out-of-the-money resistance between $1.60 and $1.80. More than 209 million polygon tokens are stored here at 13,000 addresses. On the other hand, the support between $1.44 and $1.48 in the currency seems insufficient. Here, over 217 whales have over 63 million polygon tokens. It may provide temporary support, but that price zone was already broken today. Overall, the IOMAP metrics show that MATIC owners are better off in the short run. Short-term investors can profit from their stocks if they show some patience to get around short-term resistance levels.

Supplement

Polygon has seen exponential growth in user activity over the past two months thanks to its low transaction costs and efficient transaction capabilities. With such capabilities, Polygon could become one of the most competitive crypto assets on the market. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.On April 19th the price of a single Polygon coin went from $0.06 to $0.09, after an impressive run-up that started on April 10th.. Read more about polygon (matic price) and let us know what you think.

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