In the past 24-hours, almost every major cryptocurrency has experienced a slight positive push with investments from the investors’ end at lower levels. This is when the investors have started looking at the performance reports of several major cryptocurrencies and Polygon (MATIC) is among them.
Polygon rose to fame a couple of years back just like DOGE, LUNA, BNB, and many more, and it is still considered as one of the biggest cannons. Therefore, the major on-chain data analyzing firms have been monitoring their performance and sharing their predictions with respect to its growth.
Where Does Polygon Stand at the Moment?
At the moment, the value of the MATIC/USDT pair in the cryptocurrency market is $1.405 per MATIC. Polygon has reportedly experienced a 1.89% price surge in the past 24-hours, making it to the current level.
Despite the current surge, the performance of Polygon like other major cryptocurrencies hasn’t been well. The majority of the time, the value of Polygon has remained in the negatives, which is clear from its performance in the past 30-days.
The analysis for Polygon shows its price plummeted 14.86% in the past 30-days and 8.25% in the past 7-days respectively.
Therefore, a slight positive surge in the value is not good enough to push Polygon into the positive territory entirely.
What do the Technical Indicators have to Suggest for Polygon?
As of now, the summary scale for Polygon is favoring the bearish trend, as it is pointing at the “sell” sentiments of the investors. The summary scale shows that 50% of the total investors are siding with “sell” sentiments. Only 11% of the total investors are siding with “buy” sentiments, and the remaining 39% of the investors prefer staying neutral.
The moving averages scale is pointing towards “strong sell” sentiments, while the oscillators scale is pointing towards “buy” sentiments. The RSI for Polygon is currently at 42.304 while the ultimate oscillator is at 39.188, and they are also pointing towards the negative trend.
Price Predictions for Polygon
As the situation currently is, the bears have an upper hand against the bulls and they may go for higher sales for Polygon. The selling spree for Polygon may result in pushing it down to $1.20 per MATIC.
If the bulls are unable to defend the strong support mark of $1.20 per MATIC, then Polygon’s value may sink further. The next dipping pointing the bears may hit for Polygon would be $0.97 per MATIC.
If things keep working out for the bears, they may grow stronger in terms of sales for Polygon. This would push Polygon further down to $0.799 per MATIC.
On the other hand, the bulls may try and push MATIC over the 50-day EMA ($1.60). If the bulls hit that mark, they may grow the confidence of hitting and crossing the 100-day SMA ($1.907).
As the momentum builds and more investors join the Polygon march, its value may rise to $2.184 per MATIC.