Crypto Technical Analysis

Polygon (MATIC) Technical Analysis: Will it Smash INR 200 In April 2022?

Key Takeaways

  • The MATIC price closed the previous day’s trade at INR 112.202 with a market capitalization of INR 111.2 Cr and a circulating supply of 7.81 billion MATIC
  • After a huge descending consolidation, MATIC price now aims at an 18% upswing that may ignite another jump of more than 20% later

Polygon (MATIC) Technical – Analysis for the Month

Polygon price began the monthly trade on a bearish note and continued to plunge heavily until the recent flip. The momentum appears strong with bullish volume slowly accumulating, therefore the next fortnight of the month may be notably bullish. 

The price may aim at hitting INR 120 initially further to which INR 150 may be pretty easy to achieve. However, if the price quickly enters the correction phase, it may remain restricted below INR 140 to end the monthly trade.

Polygon (MATIC) Technical Analysis at a Glance

MATIC price despite beginning the yearly trade on a bearish note is displaying huge bullish momentum at the moment. And hence after a brief accumulation, the price is expected to slice through the consolidation and range high. However, after reaching the pivot levels around INR 167 to INR 170, the asset may kick off a bull run again to surge beyond INR 220.

Short-Term The price may continue consolidating below INR 115 due to less volatility for some more time
Mid-Term The buyers may get exhausted soon and eventually drag the MATIC price lower 
Long-Term Polygon is attempting to rebound but may do so only after a brief consolidation or a minor pullback

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 55.16 / 43.24 Buy / Sell
MACD(12,26) 0.007 / -0.039 Buy / Sell
Average Directional Index(ADX) 23.46 / 38.74 Neutral / Sell
Bull-Bear Power 0.008 / -0.083 Buy / Sell

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 106.54 INR 114.91
Moving Average(MA)-200 INR 109.59 INR 133.18
Resistance INR 116 INR 133
Support INR 108.26 INR 86

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 61.42 26.12
Ultimate Oscillator 56.24 36.61
Average True Range(ATR) 0.0114 0.091
CCI 55.06 -67.21

The overall MATIC price trend is pretty bearish in the long term but notably bullish in the short term. And hence one can expect a short-term bounce towards the immediate highs around INR 120. Further, a huge retest or correction may hinder the price rally which may again slash the price close to INR 100. 

MATIC/INR Technical-Analysis for Short-Term

Source: Tradingview

MATIC/INR Technical Analysis for Long-Term

  • Yet another attempt to rebound may go in vain as the asset is primed to pull another leg down
  • Forming constant bearish flags the price maintained a significant descending trend that may test the lower support close to INR 106
  • Holding strong above INR 100, MATIC price may reach close to INR 120 with a flip ignited at the support zone
  • However, sealing the levels above the monthly highs around INR 146 may maintain a strong uptrend ahead

Source: Tradingview

  • The MATIC price amid the recent sell-off has plunged beneath the huge symmetric triangle but refused to manifest a bearish trend
  • The price is attempting very hard to rebound back into the triangle and with building momentum, the price may eventually breakout the triangle as it’s near the apex
  • With the upswing, achieving the pivot levels are extremely important to validate the uptrend towards ATH
  • The current pace displays a possibility of the MATIC price ranging beyond INR 240 to mark new highs soon

Additional Read: MATIC vs TEZOS

Where & How to Buy Polygon (MATIC)

Buying Polygon is extremely simple on CoinDCX. You need to just download the CoinDCX App and follow the further instructions. Investing has become much simpler with the Crypto Investment Plan(CIP). With this plan, you can invest in easy weekly installments. Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to .
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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