The price of Polygon (MATIC) traded with gains in the US session on Monday. Risk appetite is improving after Russia-Ukraine ceasefire negotiations begin on the border with Belarus, following four days of Russian military action against the latter. International sanctions shocked the former financial system as Rubble, the Russian currency, plunged 30% on Monday.
Polygon (MATIC) is trading with notable gains on Monday. Expect a sharp pullback to swing highs of $2.08 in an overall rise of 34%. However, MATIC has to break two upward barriers at the 50-day and 200-day EMAs.
At the time of writing, MATIC/USD is changing hands at $1.48 percent for a day. The 24-hour trading volume of the 16th largest cryptocurrency stood at $991,059,375 with marginal gains of 6% according to CoinMarketCap.
Technically speaking, Polygon (MATIC) is down 65% in value from its all-time high of $2.92 on Dec. 27. The downturn came to a halt in late January as the price tested $1.30 along with the formation of a ‘Hammer candlestick’, a bullish reversal pattern.
MATIC hit swing highs at $2.08 on Feb. 7, but bulls appear unwilling to continue gains further as the price pulled back, marking new 2022 lows at $1.24.
However, the Daily Relative Strength Index (RSI) has shown positive divergence since January 24, which is a bright spot amid the asset’s consistent downward trend. Investors need to break the two upside barriers at 200-day and 50-day EMAs at $1.69 and $1.85, respectively.
Next, buyers will set their eyes on the crucial $2.08 level.
On the downside, a daily close below the session low will negate the bullish theory with a return visit to the February low of $1.24.
RSI: The RSI crossed above the mean line with the current value at 46.
MACD: The Moving Average Convergence Divergence (MACD) is currently hovering below the midline with bullish momentum coming.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post Polygon (MATIC) Price Forecast: Matic prepares for a 34% rise as RSI shows bullish divergence
was published first on https://coingape.com/markets/polygon-matic-price-prediction-matic-prepares-for-45-upside-as-rsi-shows-bullish-divergence/