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The Polygon price prediction is likely to begin an upward trend if the market can cross above the upper boundary of the channel.
Polygon Prediction Statistics Data:
- Polygon price now – $0.85
- Polygon market cap – $7.5 billion
- Polygon circulating supply – 8.73 billion
- Polygon total supply – 10 billion
- Polygon Coinmarketcap ranking – #11
MATIC/USD Market
Key Levels:
Resistance levels: $1.00, $1.05, $1.10
Support levels: $0.75, $0.70, $0.65
At the time of writing, MATIC/USD is showing a positive movement as the market opens today. The market is running a little retracement move toward the resistance level of $0.90 with price growth of 1.00%. Aside from today’s little gain, the Polygon price is still maintaining a sideways movement within the channel, and traders can expect the coin to spike above the upper boundary of the channel as soon as the bulls put more pressure on the market.
Polygon Price Prediction: Polygon (MATIC) May Consolidate Above the Moving Averages
If the Polygon price begins to follow the upward movement, traders can expect a bullish continuation after testing the $0.84 support. As the technical indicator, the Relative Strength Index (14) moves to cross above the 60-level; the potential resistance levels could be located at $1.00, $1.05, and $1.10 in the long term.
However, if the coin moves in the same direction, the market price may either break above the channel or head to the south. Meanwhile, looking at the price formation, a bearish breakdown may likely play out for this market, and this could roll the coin back to the long-term support at $0.75, $0.70, and $0.65 levels.
Against Bitcoin, the Polygon price is following a bullish sentiment as the coin stays above the 9-day and 21-day moving averages. On the contrary, if the bears attempt to gain momentum, they are likely to release the selling pressure on the market, but the technical indicator Relative Strength Index (14) moves towards the 70-level, suggesting more bullish signals.
However, if the coin falls and moves toward the lower boundary of the channel, it may likely hit the nearest support at 4000 SAT. Any further negative movement could lower the price to 3800 SAT and below. Looking at the upside, the coin may create additional gains and possibly crosses above the upper boundary of the channel. If the bulls manage to stay well above this barrier, the Polygon price may locate the resistance at 5000 SAT and above.
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