polygon price could aim for these levels before the bulls wane off

Polygon price (MATIC) has retraced on its chart as the broader market depicted weakness. Over the last 24 hours, however, the coin has managed to move up by 0.2%.

In the last week, MATIC rallied by over 14%, pushing prices to break past multiple price ceilings. The altcoin is trading sideways on the one-day chart, but the coin is still optimistic.

The technical outlook of the coin has continued to side with the bulls as demand for the altcoin noted an uptick over the past day.

Buying strength also signified an increase, but this reading could be momentary as the bulls could lose steam if demand doesn’t remain consistent.

Polygon price can eye its immediate resistance mark before the bullish steam finally wanes off. With Bitcoin slipping down on its chart, many altcoins have travelled south on their respective charts.

Polygon is still among those altcoins that have displayed the presence of bulls on their chart. It is crucial for Polygon price to trade above the $0.96 mark if it has to maintain its positive price momentum.

Polygon Price Analysis: One-Day Chart

polygon price could aim for these levels before the bulls wane off

Polygon was priced at $0.92 on the one-day chart | Source: MATICUSD on TradingView

MATIC was trading at $0.92 at the time of writing.

The altcoin has been moving sideways on its one-day chart. Polygon price has made a good recovery in the past week.

However, it is important for the coin to move above its overhead resistance in order for the bulls to regain momentum.

Immediate resistance for MATIC was at $0.96 and, moving past that, the coin could witness another resistance at $0.97 before it touches $1.

If buying momentum fades, the support line for Polygon awaits at $0.86 and then straight to $0.80.

The amount of MATIC traded in the last session noted an increase, signifying that the demand for the coin has climbed up.

Technical Analysis

polygon price could aim for these levels before the bulls wane off

Polygon registered an uptick in buying strength on the one-day chart | Source: MATICUSD on TradingView

The buying strength for Polygon registered growth again, showing signs of revival as the demand for the coin fell over the last trading sessions.

This increase in the number of buyers could push Polygon price to trade near its immediate resistance mark.

The Relative Strength Index was positive and it moved above the 60-mark, indicating that buyers still outnumbered sellers substantially.

Polygon price was above the 20-SMA line, signalling that demand for the altcoin surged and that buyers have continued to drive the price momentum in the market.

Related Reading: Dogecoin Price Surges, Technical Outlook Suggests Further Uptrend

polygon price could aim for these levels before the bulls wane off

Polygon showed buy signal on the one-day chart | Source: MATICUSD on TradingView

The other technical indicators of Polygon have pointed out that the bulls are still in control. Although the strength of the bulls has wavered, the chart was still optimistic.

Moving Average Convergence Divergence indicates the price momentum and the strength of the direction.

MACD approved the bulls as it displayed green histograms, which were the buy signal for the altcoin. The Parabolic SAR also points to the strength of the price action.

The dotted lines were below the price candlesticks, which meant that MATIC could experience an uptrend over the next trading sessions.

Related Reading: Uniswap Price Breaks Past The $7 Mark After Forming This Pattern

Featured Image From Mt Pelerin, Charts From TradingView

Keyword: Polygon Price Could Aim For These Levels Before The Bulls Wane Off

TECH'S NEWS RELATED

Calvaria P2E Battle Card Game’s RIA Token Snapped Up By Investors – $500,000 Raised in a Week

Early-bird investors to realize 450% return by the end of the presale Kucoin and Gateo.io already lined up to list RIA Calvaria raises the bar for crypto battle card gaming  Calvaria design decisions will aid mass adoption Polygon protocol makes for efficient and smooth gameplay London, England, Friday 28th ...

View more: Calvaria P2E Battle Card Game’s RIA Token Snapped Up By Investors – $500,000 Raised in a Week

Google Cloud To Enter Blockchain Node World with New Service

Source: Google Tech giant Google is increasing its exposure to digital assets and blockchain through the kicking off of a new solution, Blockchain Node Engine. In a statement, the company calls the solution “a fully managed node-hosting for web3 development” that will allow developers build and deploy new products ...

View more: Google Cloud To Enter Blockchain Node World with New Service

'Bloomberg Terminal' for Crypto Traders Catches Experts' Attention – Time to Buy?

A variety of social sentiment signals The D2T token provides utility for the platform  The D2T presale has now raised $3 million  Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.Dash 2 Trade is a brand-new ...

View more: 'Bloomberg Terminal' for Crypto Traders Catches Experts' Attention – Time to Buy?

Leading Public Bitcoin Miner Core Scientific to File for Bankruptcy

Source: TradingView The major publicly listed Bitcoin (BTC) mining company Core Scientific has admitted it could run out of money by the end of the year, and that bankruptcy is a possibility. The company’s liquidity position has taken a major hit this year, as prices of Bitcoin have plummeted ...

View more: Leading Public Bitcoin Miner Core Scientific to File for Bankruptcy

Terra Luna Classic Price Prediction – Can LUNC Reach $1 Parity?

Profit Withdrawals from Investors Token Burning Might Help Stronger Dollar Puts Pressure on LUNC Terra Luna Classic Price Prediction – Can LUNC Reach $1 Parity? New Crypto Presales Terra Luna Classic price prediction remains slightly bullish above the $0.00022 level, which is supported by a triple bottom pattern. The ...

View more: Terra Luna Classic Price Prediction – Can LUNC Reach $1 Parity?

Crypto Signals and Analytics Platform Dash 2 Trade Shoots Past $3,000,000 in First Week of Presale

Early investors will make a 39% return when presale finishes A ‘Bloomberg Terminal’ for crypto investors Presalers to get majority of token supply with no vesting period Backed by traders, quants and dev who together have already built a community of 70k  Dash 2 Trade subscription details London, England, ...

View more: Crypto Signals and Analytics Platform Dash 2 Trade Shoots Past $3,000,000 in First Week of Presale

SEC's Hester Peirce: Regulatory Ambiguity Means NFT Projects Must Be 'Very Careful'

In an interview with Decrypt, SEC Commissioner Hester Peirce explains why she believes the regulatory agency's approach to crypto and NFTs is far from ideal.

View more: SEC's Hester Peirce: Regulatory Ambiguity Means NFT Projects Must Be 'Very Careful'

Cardano Price Forecast – Can ADA Reach $5 in November?

ADA Price Action   Ambitious Objectives Ahead for Cardano  Market Still Uncertain in the Short-Term Looking for Easy Gains? Buy D2T Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Cardano’s native token, ADA, is one of ...

View more: Cardano Price Forecast – Can ADA Reach $5 in November?

El Salvador and Lugano Sign Agreement to Spread Bitcoin Adoption

Crypto Twitter Reacts to Elon Musk’s First Day as 'Chief Twit'

Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High

MakerDAO Splits in Two Over Founder’s 'Endgame' Proposal

Here's Why Traders Should Forget XRP Price Hitting $1 and Back These 3 Coins

Polkadot Price Depreciates, Will The Bulls Be Able To Defend This Support Line?

Crypto.com Trading Volume Sinks 91% One Year After 'Brave' Matt Damon Ad

Why Bitcoin (BTC) Could Not Surpass Litecoin (LTC) In This Key Area

Dogecoin Price Prediction as $2 Billion Trading Volume Comes In

Dogecoin Up 9%, Doing Much Volume After Elon Musk's Twitter Takeover

Sam Bankman-Fried of FTX Announces Plans to Launch Stablecoin

South Korean Public Official ‘Used Bribes to Buy Crypto,’ Police Claim

OTHER TECH NEWS