- The MATIC price closed the previous day’s trade at INR 89.67 with a market capitalization of INR 616,849,946,588 and a circulating supply of 6,872,890,164
- Polygon price is utilizing all its resources to maintain the buying pressure and hence while new buyers remain aloof, a healthy ascending consolidation appears to be imminent
Price Comparison Table
|Crypto-Asset||Start-Month Price (April)||Mid-Month Price (April)||End-Month Price (April)||% Change|
|Polygon(MATIC)||INR 128.75||INR 106.61||INR 78.92||-63.13%|
* As of 05-May-2022
Polygon (MATIC) Technical Analysis at a Glance
The MATIC price after a strong bounce from the support levels that it had not visited in the past 6-months. No doubt the asset is trying hard to maintain the uptrend but it may only be validated when the asset reaches the 50-day MA levels. And till then the fear of a breakdown towards the lower support below INR 70 will haunt the rally.
|Short-Term(1hr)||The MATIC price appears to have got exhausted a little and hence may experience an interim pullback in the next couple of hours|
|Mid-Term(4hr)||A notable buying volume has been accumulated and hence the price may continue ranging high for some more time before facing a rejection|
|Long-Term(D)||The price after a brief consolidation may resume ranging towards the north and achieve a 3-digit target very soon|
Additional Read: Polygon Selected for Disney Accelerator Program
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1D / 1M)||Action (1D / 1M)|
|Relative Strength Index(RSI)||40.19 / 100||Sell / Overbought|
|MACD(12,26)||-6.89 / 30.84||Sell / Buy|
|Average Directional Index(ADX)||49.01 / 31.29||Buy / Neutral|
|Bull-Bear Power||-4.36 / -13.84||Sell / Sell|
|Moving Average(MA)-50||INR 113.86||INR 106.93||INR 26.71|
|Moving Average(MA)-200||INR 139.84||INR 26.73||INR 6.67|
|Resistance||INR 101.53||INR 125.64||INR 152|
|Support||INR 76.207||INR 69.55||INR 66.60|
|Average True Range(ATR)||6.36||20.68||51.22|
Additional Read: Terra Projects moving to Polygon Ecosystem
The Polygon price is somewhat bullish for the next couple of days and hence a significant upswing may be laid down until the weekend. Also in the long-term, the price could gain a 30% jump as the RSI is displaying a minor bullish divergence, while MACD is on the verge to let a ‘buy’ signal.
The rally currently is holding significant strength and is less volatile, therefore a short-term bounce may be imminent. However, in the long-term, a significant pullback could hinder the rally. Yet the asset could hold above crucial support and after brief consolidation may resume with the uptrend as MACD is bullish in the monthly timeframe.
Additional Read: MATIC vs TEZOS
MATIC Price and Technical Analysis for May-July
- The MATIC price flipped from the lower support which it firmly holds for a pretty long time and appears to have ignited a significant uptrend
- Currently, the price is ranging high slowly yet steadily to nullify the impact of the bears and hence reach a 3-digit figure or above, before the end of May
- The asset during the June trade is expected to have secured levels above INR 110 which may further ignite a significant uptrend towards INR 120 by the month-end
- No doubt the bears may be pretty active at this stage and try to restrict the price below the crucial resistance zone between INR 129 and INR 132
- Yet the asset may consolidate within these levels for some time and eventually slice through these levels and achieve INR 140 by the end of July’s trade.
Additional Read: MATIC Technical Analysis
HOW TO INVEST CRYPTO WITH COINDCX?
Buying or selling any crypto asset is extremely easy and safe on CoinDCX with the best deals. Just download the CoinDCX App and follow the further instructions. Once verified, fund your wallet and buy your favorite crypto
Investing in crypto has become simple with CoinDCX Crypto Investment Plan (CIP). Here you can invest in any crypto in simple weekly installments. Therefore, start 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 [email protected].
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.