The main analysis of Dash had been about the minimum goal of USD$2,000 and the current situation of USD$1,800. It was about switching the initial price target from $2,000 to $1,700 at the time of the Chinese New Year.
MATIC/USD bears pull price below 62 percent FIB retracement. I’ve heard it a ton of times recently. Some of you may have noticed that the price of Dash has been underperforming against Bitcoin since the beginning of the year. The 76 percent Fibonacci retracement level has been, at some point in the past several weeks, broken (though the price is still above it).
Summary of the situation
- Polygon’s price action saw a rise above the FIB correction level of 62% to $1,382.
- The currency is trading at $1.43 and recently activated a 50-day SMA.
- The Bollinger Bands are broadening outward.
Polygonal price analysis: Price Overview
On Polygon’s 4-hour chart, the price action has gone through a bullish trend and corrected above the 62% FIB retracement level at $1,382. However, the trend failed to trigger a 50% retracement near resistance at $1.59. This indicates low buying volume and the possibility of a small decline. MATIC proved it could withstand the downward pressure of the broader market after the currency made a 230% jump following a 75% correction in May. The currency formed two consecutive dojis on the daily chart yesterday, indicating the indecisiveness of the market. Both dojis can also be considered negative signals, indicating a high probability of reversal of the downward market trend. To confirm an upward correction, MATIC must close above $1.74 and be able to maintain buying volume above the 50-day simple moving average of $1.26. Polygon’s price action is relatively flat and less volatile. At the time of writing, the coin is trading at $1.43 per ounce and recently activated the 50-day SMA. One of the key news items regarding Polygon is the integration of the scaling solution with Ethereum applications, which will improve efficiency and availability when transferring money from the exchange to the Polygon POS network. The announcement of the integration was made by OKEx, the world’s leading futures exchange for digital assets.
Price movement during the last 24 hours: Support levels too high
Polygon (MATIC) opened the daily chart at $1.4840. The currency fell to an intraday low of $1.3929 on the hourly chart, followed by a long candle with a high at $1.45 on the hourly high. The intraday high is $1.49 and the daily range is moderate, indicating moderate volatility on MATIC’s daily chart. Polygon price action is currently supported by a number of pivotal levels, such as the 61.8% and 78.6% FIB corrections, as well as the $1.26 moving average. Bears can only break out of this price zone if they attract new sellers at $1.2. On the other hand, bulls should watch for resistance at $1.59 per ounce and with the current price momentum should attract more buyers to break through upper resistance. Polygon rate (Source: TradingView)
4-hourly rate card polygon: Widening of Bollinger Bands
Bollinger Bands widen outward, coin price moves from the bottom line of the band to the middle line on the 4-hour chart. This is a bullish signal, indicating that the $1.50 level may be reached in the near future. (Source: TradingView)
Polygonal price analysis Output: The popularity of DeFi will lead to MATIC
Polygon, a solution for scaling the Ethereum blockchain, has a reputation for solving some of the biggest problems with smart contracts, including slow transaction speeds, high transaction costs, and poor user experience. As NFT, dApps and DeFi gain popularity, Polygon will also gain popularity, which will have a positive impact on the price. Disclaimer. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.