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Polygon (MATIC) Shows It Is A Force On Chart And On-Chain; Here Is Why

Byharjotsinghjaspal

Nov 4, 2022
Polygon (MATIC)
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  • MATIC rallies with high volume as price breaks above $1 after a while as bulls eyes $1.3.
  •  MATIC’s price, both on chart and on-chain, shows how it has had a fair share of the bear market and would continue to bloom.
  • DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

Polygon (MATIC) price recently showed some great price action as the price rallied to a high of $1 and broke past this region that has proven to be a difficult nut to crack in recent times for Polygon (MATIC) price. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Polygon’s (MATIC) rally and strength have proven otherwise, one of the projects many traders and investors are keen on accumulating. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of MATIC hasn’t lagged either, as it aims to rally higher, holding off sell orders at a region of $0.85.

After dropping from its high of $3 some months back, the price of MATIC has had a great struggle to pull off a rally that has left many in euphoria, drawing the attention it had from investors, traders, and partnership deals. 

The price of MATIC saw its trade at a low of $0.35 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $1, where it was rejected to a region of $0.77. Still, the price bounced from here after forming strong support to a region of $0.95 as the price aims to rally past $1.3

Weekly resistance for the price of MATIC – $1.3.

Weekly support for the price of MATIC – $0.85.

Price Analysis Of MATIC On The Daily (1D) Chart

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

In the daily timeframe, the price of MATIC continues to look strong as the price broke out of its range price movement to a high of $1 as the price aims for a rally to a daily high of $1.3 where the price could face a major resistance to break higher. 

The price of MATIC trades at $1.12 above the 50 and 200 EMA, which indicates a good relief sign for MATIC’s price on the daily timeframe. The price of $0.9 and $0.85 corresponds to the values of the EMAs acting as support for prices. 

Daily resistance for the MATIC price – $1.3.

Daily support for the MATIC price – $0.9-$0.85.

Onchain Analysis Of MATIC

MATIC Price On-chain Analysis | Source: On Messari.io

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

Featured Image From zipmex, Charts From Tradingview and Messari



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