|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|
Check latest MATIC INR Price, Charts, and Data.
Additional Read: Polygon Selected for Disney Accelerator Program
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?
|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
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
|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|
|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
Also Read: Top 10 Crypto to Invest
Looking out best platform to buy MATIC? Here it is! CoinDCX!
Registering is extremely simple, download CoinDCX App on your smartphone, enter your details & get verified. Now fund your wallet and buy MATIC. Investing is no more a tedious job on CoinDCX as the newly launched Crypto SIPs enables you to invest in easy weekly installments. Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!
Polygon’s technical analysis points out towards a extreme bearish trend but the price movements suggests a constant and steady uptrend to prevail.
The RSI for short-term is 42.96 while in the long-term it’s 35.95
Polygon price is following a slow yet steady uptrend that may reach out the crucial resistance in the near future.
Disclaimer: “The information and material contained are subject to change without prior notice including prices which may fluctuate based on market demand and supply. The material available on the site is proprietary of CoinDCX, its parent, and its affiliates and is for informational purposes and informed investors only. This material is not: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Please note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”