Home CryptocurrencyAnalysis Polygon (MATIC) Shows that it is a force on the graph and the chain; Here’s why

Polygon (MATIC) Shows that it is a force on the graph and the chain; Here’s why

by SuperiorInvest
  • MATIC recovers with high volume as the price breaks above $1 after a while while the price is at $1.3.
  • MATIC’s price, both on the chart and on the chain, shows how it has had a fair share of the bear market and will continue to thrive.
  • The price of DOGE remains strong on the daily time frames as the price trades above the 50 and 200 exponential moving averages (EMA).

The price of Polygon (MATIC) recently showed a big price action as the price rose to a high of $1 and broke this region, which has proved to be a difficult nut for the price of Polygon (MATIC) recently. The crypto market enjoyed some relief across all assets, with Bitcoin (BTC) showing great traction, strengthening and pulling the market. The rally and strength of Polygon (MATIC) proved otherwise, which is one of the projects that many traders and investors want to accumulate. (Data from Binance)

Polygon (MATIC) Price analysis on a weekly chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days as they break out of a range-bound move as many believe that more hope could be re-established in the crypto space.

The new week looked a little skeptical, but things are starting to take shape and look more promising for some altcoins like BAND, which recovers more than 100% in less than 24 hours, showing the price development and buy order volume. MATIC price is also not far behind as it aims to move higher and hold sell orders in the $0.85 area.

After falling from its high of $3 a few months ago, MATIC has had a big fight to generate a rally that has left many euphoric and attracted the attention of investors, traders and affiliate stores.

MATIC price saw its trade at a low of $0.35 on the weekly chart; the price quickly rebounded from this area when the price rebounded to the $1 area where it was rejected to the $0.77 area. Nevertheless, the price bounced back from here after forming a strong support at the $0.95 area, as the price aims to rise above $1.3

Weekly resistance at MATIC price – $1.3.

Weekly support at the price of MATIC – $0.85.

MATIC price analysis on a daily (1D) chart

MATIC Daily Price Chart | Source: MATICUSDT On Tradingview.com

On the daily time frame, MATIC continues to look strong as the price has broken out of its price action range to the $1 high as the price is heading towards a daily high of $1.3 where the price could face major resistance to break higher.

The price of MATIC is trading at $1.12 above the 50 and 200 EMAs, which indicates a good sign for relief for the price of MATIC on the daily time frame. The price of $0.9 and $0.85 correspond to the EMA values ​​acting as price support.

Daily resistance at MATIC price – $1.3.

Daily support at MATIC price – $0.9-$0.85.

Onchain analysis of MATIC

Analysis of the price of MATIC on the chain | Source: On Messari.io

The price of MATIC from the on-chain analysis looks more decent despite the drop of over 60%. MATIC has seen constant price growth for 3 months and produced a reasonable return on investment (ROI) on assets held.

Featured Image From zipmex, Charts From Tradingview and Messari

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