Polygon Technical Analysis: Will MATIC Price Hit INR 100 This Month?

Key Takeaways:

• The Polygon (MATIC) price closed the previous day’s trade at INR 42.56 with a market capitalization of INR 361.75 billion and a circulating supply of 8.01B MATIC
• The MATIC price is heavily consolidating within a consolidated range since the May crash while the volume appears to have sky-rocketed & hence a jump of 40% may be expected shortly

Current Price	INR 45.23
Market Cap	INR 356.37
Circulating Supply	8.01 billion MATIC
Max Supply	10 billion MATIC
Vol (24H)	INR 46,941,494,053
Change (7D)	+8.48%

Check latest MATIC INR Price, Charts, and Data.

Additional Read: Polygon Selected for Disney Accelerator Program 

Technical Analysis for July 2022

The Polygon (MATIC) price since the beginning of the 2022 trade has been pretty bearish. Therefore, the asset is constantly looking for the right opportunity to rebound from the lower bottom. Hence the prices are heavily consolidating between INR 50 and INR 37 including a couple of fake break-down and break-out. 

In the upcoming days, the price is expected to gain some bullish momentum as the asset is holding the lower support firmly in the short term. The asset could hit the lower support and ignite a strong rebound that may initially uplift the price by 18%. Sustaining above these levels may turn out to be somewhat bullish as INR 50 may be strongly held as support. 

Also Read: What is Polygon zkEVM?

Technical Analysis at a Glance

Short-Term	The MATIC Price is plunging but the selling volume seems to have dried up which may result in a rebound shortly
Mid-Term	The asset has maintained a strong upward trajectory ever since it flipped from the recent bottom and hence a minor correction may be fast approaching
Long-Term	Polygon are facing a multi-week bearish trend is on the verge to rebound and may lay down a significant upward trend soon

Additional Read: MATIC Price Prediction

Impact of Crypto Crash on MATIC Price

The crypto crash 2022 has impacted all the assets including MATIC price. The price had ignited a strong descending trend earlier which was intensified by the recent crypto crash. The asset that had drained nearly 60% prior to the crash, dropped by another 61% after the LUNA-UST crisis. Currently, the asset is attempting very hard to cope with the bearish conditions but is unable to nullify the impact. 

Elaborating the agony of the Indian crypto enthusiast, the newly implemented tax regime has imposed a huge tax of 30% on crypto profits. The pain lies where the government does not consider the loss incurred and also has added up additional 1% TDS on all the transactions. This has dried up the huge volume of exchanges, minimizing the frequency of transactions.

Additional Read: Best Penny Cryptos in 2022

Technical Indicators & Pivot Levels

Indicator	Value (STF/HTF)	Action (STF/HTF)
Relative Strength Index(RSI)	42.96 / 35.95	Sell / Sell
MACD	0.002 / -0.28	Buy / Sell
Average Directional Index(ADX)	20.93 / 59.89	Buy / Sell
Ultimate Oscillator	37.71 / 41.14	Sell / Sell
Bull-Bear Power	-0.02 / -0.34	Sell / Sell

Pivot Levels

Moving Average	Short Term	Long Term
MA 5	INR 43.09	INR 40.86
MA 10	INR 44.69	INR 44.69
MA 20	INR 44.69	INR 77.41
MA 50	INR 43.09	INR 113.32
MA 100	INR 42.29	INR 72.62
MA 200	INR 40.70	INR 36.71

The MATIC price is extremely bearish in all the time horizons as the bears have heavily dominated over the asset. However, a couple of indicators like MACD, and ADX are somewhat bullish in the short-term and hence a minor bounce may be well in place. 

Conversely, the RSI and Ultimate Oscillator are extremely bearish with a high rate of volatility pointing towards shedding of gains in future.On the other hand, all the indicators are extremely bearish in the long term and as the asset’s volatility is pretty less, fewer changes of rebound may be expected.

Additional Read: Terra Projects moving to Polygon Ecosystem

Polygon Technical Analysis for Short Term

Source: Tradingview

• The MATIC price appears to have configured its upcoming path which is determined to be towards the north
• The lower support is sustained firmly and hence a continued uptrend within an ascending triangle could be expected in the next couple of days
• However, the price could tumble to some extent just below the local resistance at INR 50 but after a tough brawl with the bears, the price may make it above INR 55
• While the crucial resistance resides around $57 and surpassing these levels may validate an uptrend beyond INR 60 by the end of the month

Also Read: Top 10 Crypto to Invest

Polygon Technical Analysis for Long-Term

• The price movements in the long-term point out towards a bullish breakout fast approaching 
• Despite the technicals are bearish, the chart suggests a strong upswing as the asset has recently broken out from a falling wedge
• However, the price may still face a couple of rejections while it being on its way towards the upper resistance close to INR 90
• Eventually, the price is expected to maintain a slow yet steady uptrend until it reaches the crucial resistance, nullifying the bearish impact

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